Is the autumn air cooling the job market for product managers?
Reading the economic news can be unsettling these days: high interest rates; inflation; layoffs. It sends a shiver down your spine! Wouldn’t it be nice to hear positive news now that the global pandemic is under control, and we can get back to some level of normalcy? The answer is that we are in a transitional stage in the economy, where there are plenty of positive factors simultaneously being met with some negative factors. Historically, we have experienced higher unemployment and recessionary pressures that parallel high inflation rates. So, as a Product professional – what does this all mean for you and your career?
For the most part, the tech industry is being spared from the tough times, at least for now. Tech continues to drive the global economy as consumers and businesses across the world remain hungry to spend on technical innovations. Therefore, layoffs in the tech industry are not as widespread, and when they do happen, many of those who are affected can swiftly land new jobs at other tech companies. However, the job market could change if negative factors begin to dominate the global economy, and not being prepared could mean tough times in your career.
Your resume, LinkedIn profile, and any other professional “marketing” (portfolio, personal professional website, etc.) should be updated on a regular basis. Updates should include significant new job responsibilities, promotions, a quantitative report of a significant revenue bump for your product, and/or a cost savings program that you implemented. Highlight anything professionally that shows an outsider that you have taken the initiative to move your company and your product forward. As a recruiter, I advise my candidates to assess their performance every 3-6 months while the accomplishments are fresh in your mind. Pay special attention to numbers (without disclosing confidential information) – dollar amounts, market share, etc. Numbers demonstrate that your actions led to a quantifiable result. If you are at a point in your career where you have not had a chance to have experiences that you can quantify, try to use phrases on your resume that catch the reader’s attention. Here are examples from a candidate of mine who is individual contributor Product Manager at a growing software company:
- As a member of the product team, we launched three new products this year.
- Worked with my team to Identify and oversee the development of product enhancements that helped grow the SAAS offering from 40 customers to 300 (280 new customers signed during pandemic).
- Created KPIs and associated tracking and reporting to monitor key revenue reporting.
These are only examples, but the point is that they are easily understood and show that your actions – even as a contributor to a collaborative team effort – led to a result. Be prepared to talk to an interviewer about anything you list on your resume. Keeping your resume and professional social sites updated on your accomplishments will mean that you are prepared for any planned or unexpected need for a job search.
Larry Kahn is the Vice President of Recruiting at New Dimensions in Technology, Inc.(NDT), www.ndt.com, a recruiting firm based just outside of Boston, MA. Deeply rooted in the high tech industry since 1979, NDT works with start-up, mid-size, and large companies to recruit innovative professionals in Software Engineering, Product Management, Marketing, Professional Services, and Sales. Having successfully placed numerous candidates during economic downturns, Larry brings real world knowledge on how professionals can prepare for unsettling changes in the job market. Larry can be reached directly at lk@ndt.com or via Linked-in https://www.linkedin.com/in/larrykahn/.
