As Product Management Recruiters, we’ve had a front-row seat to the extreme swings across the market when it comes to hiring Product Managers (or not!) over the past few years.
Thankfully, we are kicking off 2025 with signals that indicate the page is turning and we can all collectively exhale. However, the market has evolved significantly, presenting new challenges and opportunities for employers and candidates.
Market Overview
The product management job market in North America shows signs of recovery after a period of contraction. However, most candidates are still experiencing selection processes, like significant competition and lengthy interview cycles, that align with an employer’s market. Exceptions can be found in niche product categories or in specific skillsets where talent scarcity is the most significant roadblock to hiring, but for the most part competition for roles remains high.
Shift Towards Senior Roles
One notable trend is the demand for senior product management talent. There is a clear preference for experienced Product Managers with a track record of delivering value, impacting growth, and contributing to strategic GTM decisions to ensure a high likelihood of commercial success.
Location Location Location
The job market for Product Managers is experiencing a shift as companies increasingly emphasize a return to office. While remote work remains a preference for many candidates, many employers are prioritizing local candidates for in-office collaboration to foster innovation, teamwork, and faster decision-making.
AI
AI is no longer a future-looking concept or “trend.” AI, GenAI, and LLMs are here, reshaping the entire product development process, product roadmaps, and the experiences businesses want and need to provide for their customers. We already see employer demand for product talent with real-world experience applying GenAI and LLMs to products. In fact, we are currently in a search cycle for this type of Product Leader.
Falling behind in this area could severely limit a PM’s career prospects. So our suggestions to all senior product leaders is to invest time learning, experimenting, and applying AI concepts to stay competitive and relevant in ‘the ever-evolving product management landscape.’ Consider yourself warned.
Hiring Challenges
Despite our earlier comment that it is largely an employer’s market, the abundance of candidates introduces several challenges for employers:
- Job postings on LinkedIn often receive hundreds, if not thousands, of applications, making it difficult, if not impossible for an individual to sift through and identify the best candidates.
- Managing a larger volume of candidates with fewer resources has become a significant challenge for many employers.
- Employers are under pressure to reduce the risk of bad hires, leading to more thorough vetting processes and longer interview processes, which can cause them to miss out on top talent that is still highly sought after.
- A continuation of conservative financial management to ‘get to profitability’ remains a narrative that directly impacts the number of hires organizations are making. Gone are the days of “scaling up a team,” with employers choosing instead to make a limited number of strategic, experienced hires who can apply a “full stack” way of working.
Candidate Advice
In this market, candidates should think about:
- Skills development in AI/LLMs, as mentioned earlier.
- Maker vs. Manager mindset as career growth and success are no longer contingent on climbing a ladder. Employers are more likely to optimize for a maker persona, even if they are hiring a manager. Hence why we are seeing more and more job descriptions using the “player-coach” persona and “roll up your sleeves”. Highly valued, highly paid IC PMs will always be in demand. Managers, less so. Curate your narrative to focus on a “maker mindset” filled with outcomes and achievements.
- Be open and flexible for relocation if an opportunity requires it. This is especially true of generally conservative Canadians who are less likely to make big bets on their careers, limiting growth opportunities that could unlock the coveted “at-scale experiences” many employers are looking for.
- Be ready as there is absolutely no excuse for not having an impactful resume and being “interview-ready.”
- Close Gaps and Level Up
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- English is the language of business. If English is not your first language, ask someone you trust to tell you whether you should improve your communication skills. Product Managers often represent the business and product to customers, partners, and the Board. Think this isn’t important because you’re a Product Owner sitting in a Pod/Scrum/Squad? Think again. Communication training benefits everyone. Don’t let it be a roadblock to career advancement.
- If your role is entirely backend-focused, seek ways to learn or study user experience (UX) principles. Collaborate more closely with your front-end team. Attend their meetings, participate, and ask questions to learn about their processes and challenges.
- Grow your understanding of business: sales, marketing, why customers buy and why they don’t. Focus on outcomes vs outputs and foster a learner mindset beyond your role. No matter how technical a PM role might be, learning and understanding business is foundational to success.
- Find a mentor, be a mentor. Mentorship cultivates growth, learning, and mutual respect, enriching both participants personally and professionally, and often unlocks opportunities outside of the mentorship program.
Looking Ahead
This year presents a unique blend of opportunities and challenges. While the market shows signs of recovery, it has evolved significantly, requiring both employers and candidates to adapt to new dynamics. Employers must navigate the complexities of high application volumes and a continued emphasis on strategic, full-stack hires, while candidates need to focus on developing in-demand skills, embracing flexibility, and curating their narratives to align with market expectations.
As a team, we could not be more excited about 2025! From our first Product Manager search in 2006 to the launch of our Product Practice in 2016, to the rebranding of that practice to TheProductRecruiter.com one year ago, we remain deeply invested in our commitment to serving startups and scale-ups who are betting on product management to deliver growth to the business through value to their customers.
Hiring in 2025? Let us help you find the right product talent to achieve your business goals.