Our Product Market Salary Update UK> H1 - 2023 will provide you with detailed salary information, including product owner salaries for the UK, product manager salaries from juniors to seniors and product leadership candidate requirements from heads of product to chief product officers. However, for a brief overview of what to expect for your product recruitment in 2023, keep reading below.
With years of experience delving into product management recruitment, our team has gained valuable insights into the industry. We've decided to let you in on the secret of what product teams expect when it comes to salaries. Whether you're curious about a product manager's wages in London or what a product owner will want to see to entice them, we're here to guide you on expected salaries throughout the UK in 2023.
Below we'll discuss the current state of recruiting with the product market and how the shifting landscape has affected what product professionals want to see regarding offerings and salary expectations.
First and foremost, the demand for product professionals has remained high despite the pandemic. Companies already investing in digital transformation and product development have continued to do so, and those that were slow to adapt have recognised the need to catch up quickly. As a result, there has been a surge in demand for product owners and managers, UX designers, product analysts, and other related roles.
However, Covid 19 has also significantly impacted what product professionals seek in their next job.
Remote work has become the norm for many industries, and product professionals are no exception. We've seen a substantial increase in the number of candidates looking for remote or hybrid work arrangements, creating a more competitive market for companies not offering remote options. The overall feeling from many of the product candidates we've spoken to is that they only want up to two days a week in the office, with only one day being even more desirable.
In addition to hybrid work options, we've also seen an increase in the importance of work-life balance and health support. Like many other workers, product professionals have experienced burnout, imposter syndrome and increased stress levels during and since the pandemic. As a result, they are looking for companies that offer health benefits, better pension offerings and overall more impressive packages to support better work-life balance.
As a product manager or owner, having a clear path for career growth and a solid roadmap for your products is crucial. It's no secret that many have left their roles due to a lack of value placed on their products. Product professionals want to see that they are not only creating and managing products but also have the space to nurture them and receive opportunities for professional development.
Finally, as the lasting effects of the pandemic continue to reshape the job market, it's clear that salary expectations are also changing. People are reevaluating their worth and the compensation they deserve for their skills, leading to a change in what's considered reasonable. While salary is always an essential consideration for candidates, we've seen a trend towards more flexible and creative compensation packages. Candidates are looking for benefits like stock options, profit-sharing, and bonuses tied to specific milestones or outcomes.
These trends present challenges and opportunities for hiring managers and owners of companies looking to hire product professionals. On the one hand, it's vital to recognise that the market is more competitive than ever. Companies not offering remote options or flexible work arrangements may need help attracting top talent. On the other hand, companies that can offer competitive compensation packages and prioritise work-life balance and health support are likely to stand out in the market.
At Consortia, we're constantly monitoring these trends and working closely with our clients to help them attract and hire top product professionals. By staying up-to-date with the latest market insights and candidate preferences, we can provide our clients with the guidance they need to build the best product teams.
For more details, look at our UK Product Market Salary Update for 2023. It contains all the salary information for product roles, including Product Managers, Product Owners and Product Leaders, and data on what benefits and working setups are preferred and why candidates look to move on in product.comments powered by Disqus