You’ve seen the headlines: Fb shedding 11,000 staff, Amazon shedding 10,000, 1000’s 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 people who aspire to hitch their ranks) could also be fearing for the worst.
However ought to they be? Do the layoffs at main client tech corporations symbolize a seachange within the trade as an entire or a selected intervention geared toward correcting for previous over-exuberance and hyper-growth?
A deeper dive into what’s actually occurring within the Product Administration world offers motive 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 good greater story.
The numbers present that, removed from experiencing a slowdown within the Product Administration universe, we might in truth 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 client tech corporations are going through well-publicized challenges, large numbers of B2B tech corporations 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!
Knowledge compiled by Peer Sign exhibits that, as of November 22, not less than 913 US-based B2B tech corporations are at present hiring Product Managers. Whereas a few of these corporations are simply hiring for a handful of open roles, others like Canva are hiring for dozens, whereas DataDog has properly 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 corporations 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 corporations? 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 may be nonetheless room to develop in B2B.”
Throughout industries, Product Groups have turn out to be accountable for driving high-quality choices. Product drives alternatives for the 2 issues corporations most desperately want throughout occasions of financial problem: Cheap progress, and total value discount. Product is more and more being seen as each an engine of progress and a driver of effectivity by data-empowered decision-making and digital transformation
The struggle 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 1000’s of different corporations which can be seizing the second to double down on Product and benefit from the efficiencies this focus offers.
As Peter Drucker wrote, “The best hazard in occasions of turbulence shouldn’t be the turbulence itself, however to behave with yesterday’s logic.” With Product changing into ever extra central, now could be the second to onboard the Product expertise out there available in the market, and take strategic deeps to make sure your organization is a spot through which Product Managers really feel secure and motivated to do their greatest work.
Assets on your subsequent steps:
