Market snapshot:
The industry-wide talent shortage continues to create challenges. Power lies in product candidates’ hands – hiring for is on the rise, candidates are well-informed and experience commands a premium.
Short supply, high demand –experienced leaders are fully aware of their value and are prepared to move to be paid what they are worth.
Recruiting from outside the industry is being driven by a massive skills shortage – it’s a double-edged sword; you have the lower price point, but the time it takes to train and upskill means a loss of productivity.
New developments with web3 and NFTs are creating exciting opportunities within product.
Permanent product roles offer stability, safety and room for growth; particularly valuable with a global recession expected in 2023.
Salary increases of 5-10% used to be enough to recruit. Now, employers can only confidently secure a hire by offering substantially more; industry-wide salaries have increased between 12.5% to 30% - bonuses are often included in the pay as it is rare for these not to be hit.
Remote or hybrid working is the norm; companies are finding that work-life balance isn't something employees take for granted. Many are prepared to make a move if their demands are not met.
Key Takeaway:
Experience comes at a price - by offering flexible or hybrid working, you might get better value. Even then, the product market remains seriously talent-short, so you will likely be headhunting for the best candidates.