A demanding but rewarding career, product management calls for a variety of abilities, including leadership, communication, and strategic thinking. Despite being in high demand and earning well, product managers frequently change jobs. The average term of a product manager is two years, according to a Product School poll. Why do product managers resign, then?
Lack of autonomy and influence over decisions is one of the key reasons product managers quit their jobs. From concept to launch, product managers are in charge of supervising the entire product development process. However, they frequently run across obstacles from other departments or stakeholders who might not agree with their priorities or vision. Burnout and dissatisfaction may result from this.
Lack of alignment with the corporate strategy and goals is another factor that affects the attrition of product managers. To develop products that reflect the company’s values, product managers must comprehend the mission and vision statements. A botched product launch may occur if there is a rift between the product team and the rest of the company. Miscommunications and misunderstandings may develop.
Additionally, a lack of support from senior leadership may cause product managers to quit their jobs. For product management to be successful, the C-suite’s support is essential. Product managers may have difficulty delivering outcomes if executives do not prioritize product development or do not offer the necessary resources, such as finance and people.
Despite the difficulties of the position, product managers frequently receive competitive pay. The average annual income for a product manager in the United States is $113,000, according to Glassdoor. However, the pay may differ based on things like geography, business size, and amount of experience.
It’s not always necessary to have technical expertise to succeed as a product manager. A fundamental knowledge of technology and software development is helpful, however many product managers come from non-technical backgrounds. Soft skills like leadership, problem-solving, and communication are equally as crucial as technical knowledge, if not more so.
In conclusion, a career in product management is demanding yet rewarding and necessitates a variety of talents. The high turnover rate of product managers is frequently brought on by a lack of decision-making authority, a mismatch with corporate strategy, and a lack of senior leadership support. Despite the difficulties, product managers frequently earn good salaries, and technical expertise is not necessary for success in the industry.