This should include a concrete, actionable description of what the organization wants and expects from its product managers. There are four key levers to pull to build a world-class program for product management talent.įirst, articulate the product management leadership development model for the organization. Several elements can help companies build a world-class product management talent program But this transitioning talent needs support to wear the multiple hats required of product managers.Ĭompounding the issue is the fact that product managers make up a small talent pool at most companies and hence often end up lower on the agenda of HR leaders. Product managers often start in other functions, such as engineering, design, or marketing, and bring a specific set of skills from their previous roles.
#Product manager skills software#
What is more, product management primarily requires learning on the job, but few software companies have put in place mechanisms to support this learning.
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Product managers tell us that they believe career progression at their companies is a matter of being in the right place at the right time to become part of a hit product rather than of doing the right things. As a result, the only way to measure product managers is on the success of their product. Visit our Product Management & Development pageĪdditionally, the leadership development model for product management-that is, the behaviors and mind-sets that product managers are expected to display at various levels-is often poorly articulated. This can prevent product managers from growing or feeling that their careers are progressing unless they are managing more people. First, there are limited roles that involve managing people and teams in the product organization, and unlike in engineering, companies have not consistently defined an expert track for product managers.
#Product manager skills drivers#
We observe several underlying drivers for this gap in talent development. This gap is evident across the industry-at large software companies in Silicon Valley, early-stage tech companies, and incumbents in other industries that are becoming more software oriented.Īs an example, only 35 percent of the product managers have clarity on what it would take to advance in their organizations, roughly the same number feel sufficiently coached and mentored and around 20 percent say that their companies have highly effective programs to identify and retain the best talent.
Talent management is a pervasive gapĭespite the central role that a product manager plays, the talent-management practices associated with this function are surprisingly underdeveloped. Additionally, 60 percent of product managers have basic analytics skills that enable them to dive into metrics and draw insights without relying on analysts. For example, nearly 80 percent of product managers actively participate in design activities, over 80 percent are involved in go-to-market decisions, and nearly half are involved in pricing decisions. Modern product managers are involved in a wide range of decisions. This research surfaced systemic gaps around software- talent management in fact, fewer than half of the product managers feel prepared to play the roles expected of them or grow into future product leaders. The McKinsey Product Management Index is a survey of product managers at leading software companies to understand the capabilities and enablers that create top-performing product managers (Exhibit 1). Paradoxically, results from the McKinsey Product Management Index reveal that companies are underinvesting in this crucial talent pool. As a result, CEOs and technology leaders often identify the role of product manager as one of their top talent priorities. Amid the growing importance of data in decision making, an increased customer and design focus, and the evolution of software-development methodologies, the role of the product manager has evolved to influence every aspect of making a product successful. Product management remains one of the most critical roles for any company for which software is a core growth driver.
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