Product management positions allow for independence, creativity, and innovation. Because variety is the spice of life, this should lead to employment contentment. There aren't many jobs that emphasize such qualities so extensively. But how satisfied are today's product managers with their jobs?
There is no such thing as an ideal job. There are points of irritation and agitation in any position. Hopefully, joy and fulfilment will overcome the sadness. Product management isn't any different. This is not a role for everyone. Let's take a look at what makes product managers happy and frustrated.
Product managers, on average, are pleased with the work and content of their current position. And their happiness isn't restricted to their current job or role. A survey revealed that around 92% of product managers are satisfied with their current position and intend to continue in the field in their next position.
However, there are some aspects of the job that people dislike. Obviously, not every day is a bed of roses. There are clearly aspects of product management that product managers dislike. When it comes to factors of discontent, internal politics comes out on top. Working on reactive duties rather than a proactive plan has been rated as the worst part of the job. The emotionally stressful nature of the job, crushing time limitations, and having very little people management authority rounded out our list of least favourite components of the job.
It's all about the settings. There are some major distinctions between corporate product management and small-to-medium-sized business product management (SMBs). In each of these environments, a product manager's day-to-day life has both dramatic differences and plenty of similarities. Investigating the differences between these two cohorts can aid product managers in determining which option is best.
SMBs here are defined as businesses with less than 1,000 employees. This includes everything from start-ups to well-established firms. These product managers expressed a somewhat higher level of satisfaction in their jobs. In small businesses, 38% of employees reported directly to the CEO. Being so close to the company's CEO offers numerous advantages. It provides product managers with access and exposure to the CEO, as well as an unfiltered picture of what's going on at the executive level. Because CEOs rarely have time to micromanage their direct reports, this structure usually means more autonomy. They're almost certainly attending management meetings as well. That means they're assisting in the development of business strategy rather than simply executing it. Given the company's size and maturity, though, that strategy is more likely to shift. Working on reactive chores rather than a proactive strategy is, unsurprisingly, their least preferred aspect of the job. It's especially aggravating to put out fires and placate irate customers when you're so close to the top-level strategy. Plus, by their very nature, smaller businesses are more likely to be in a state of crisis. They can't afford to lose large accounts, so their testing and quality control aren't always as thorough. Setting roadmap priorities without having the necessary level of consumer or market feedback is their toughest issue. This difficulty could be due to the fact that the company is still in its early stages and does not yet have a large enough consumer base. It could also be due to a lack of staffing and resources for market research and the development of customer feedback channels.
Product managers in larger companies are slightly less satisfied with their existing positions. This slight fall in enjoyment ties to the intrinsic nature of working in a firm with so many people.
Internal politics is their least favourite aspect of the work, and achieving consensus on product direction is their biggest issue, which necessitates a wide range of communication skills. These are two examples of the difficulties that might arise while trying to reach a consensus among stakeholders who have a variety of competing agendas. Multiple products, divisions, and lines of business are significantly more common in large corporations. They're all vying for the same resources, attention, and acclaim. When everyone's emphasis isn't on the same subject, it's far more difficult to persuade everyone to pay attention and agree. Another significant distinction is that product managers in corporate firms are less likely to report to the CEO. The Chief Product Office is the most common direct manager for PMs. Being farther away from the CEO can make the job more difficult on numerous levels, but it's expected in larger firms. Working well in a cross-functional team can make all the difference. Enterprise PMs also reprioritize their backlogs on a weekly basis and create year-long roadmaps. The most prevalent indicator of product performance is business-oriented metrics.
It's fantastic to hear that product managers are usually satisfied with their jobs - but it turns out that things become better with age. Those with more than ten years of experience as product managers were the happiest. This information makes sense for several reasons. People were more likely to change careers after a decade if they disliked their jobs. Furthermore, after so much time, you've most likely learned the requisite abilities, established a number of shortcuts, and amassed a toolkit to fall back on. When issues do develop, it's possible that you've seen something similar before. Using previous experience reduces stress and makes finding a solution easier. Finally, seasoned product managers are well-versed in their preferences. That implies they might be a little more picky when it comes to picking a firm or a specific job that fits their needs.
There are always methods to improve your product management skills. Some of these, hopefully, will come to fruition in the future. A clearer purpose and firm plan is the most popular aspiration for the future, which makes the job easier.
However, there are a few more specific ways to improve your enjoyment of the work. While business-oriented metrics are the most widely used indicator of performance, product managers prefer customer-oriented or product-oriented metrics. These may or may not be directly related to revenue and corporate objectives. They are, however, more indicative of how the product delivers on its value offer. When it comes to prioritization, product managers aren't maximizing their happiness either. Hopefully, more people will look into the various prioritizing systems available and find ones that are more efficient and pleasurable to use.
Originally published on Prosple India
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