You’ve seen the headlines: Fb shedding 11,000 staff, Amazon shedding 10,000, hundreds extra at Peloton, Coinbase, a whole lot at Netflix and Robinhood… and let’s not even get began on Twitter! Within the face of all this, Product Administration leaders (and those that aspire to hitch their ranks) could also be fearing for the worst.
However ought to they be? Do the layoffs at main shopper tech firms characterize a seachange within the business as an entire or a particular intervention aimed toward correcting for previous over-exuberance and hyper-growth?
A deeper dive into what’s actually taking place within the Product Administration world gives purpose to be optimistic. Not solely have Product Managers themselves largely been spared from the worst of the layoffs, however the consideration given to those layoffs is distracting from what could possibly be a fair larger story.
The numbers present that, removed from experiencing a slowdown within the Product Administration universe, we might in reality be witnessing a second of unprecedented alternative for Product Administration professionals and the businesses that rent them.
The B2B tech alternative for Product Managers
Whereas shopper tech firms are going through well-publicized challenges, large numbers of B2B tech firms are quietly getting on with rising their groups—and also you guess they’re snapping up the Product expertise that the likes of Fb are letting go!
Information compiled by Peer Sign exhibits that, as of November 22, not less than 913 US-based B2B tech firms are at present hiring Product Managers. Whereas a few of these firms are simply hiring for a handful of open roles, others like Canva are hiring for dozens, whereas DataDog has nicely over 100 open positions. If you add this up, it’s a small marvel that LinkedIn is promoting over 33,000 Product Supervisor jobs within the US alone and a complete of 87,000 PM jobs open proper now worldwide. That places the layoffs {that a} handful of high-profile tech firms into perspective!
Let’s take a look on the numbers:
The effectivity benefit that’s driving this demand
Why is Product Expertise in such nice demand, particularly for B2B firms? We are able to reply in a single phrase: Effectivity. As Adam Schoenfeld put it, “If you’re actually important and/or can show effectivity, there’s nonetheless room to develop in B2B.”
Throughout industries, Product Groups have develop into chargeable for driving high-quality selections. Product drives alternatives for the 2 issues firms most desperately want throughout occasions of financial problem: Cheap development, and total value discount. Product is more and more being seen as each an engine of development and a driver of effectivity by data-empowered decision-making and digital transformation
The battle for Product expertise has begun
FAANG’s loss is Product’s achieve. These Product Managers who’ve been let go by the likes of Fb and others will rapidly discover themselves snapped up by one of many hundreds of different firms which might be seizing the second to double down on Product and make the most of the efficiencies this focus gives.
As Peter Drucker wrote, “The best hazard in occasions of turbulence will not be the turbulence itself, however to behave with yesterday’s logic.” With Product changing into ever extra central, now’s the second to onboard the Product expertise obtainable available in the market, and take strategic deeps to make sure your organization is a spot during which Product Managers really feel protected and motivated to do their greatest work.
Assets in your subsequent steps:
