The Product bubble is on the verge of bursting, leaving many candidates struggling to find jobs. Why is this happening?

In my recent venture of looking for a new job, it took significant time to get an interview call. Usually after applying to 10 job applications, I would easily get 2 calls.

But now, getting a single call after applying for more than 50 job applications seems an uphill task.

My struggle with the job search went on for a couple of months. This got me thinking why is this happening? What is the reason for this job drought?

However, I was able to get a job after failing 7 PM interviews.

I have shared tips at the end of the article on what to do in this Bad job market and how to seek a new job.

It would not surprise you if I said the job market is in a less favorable state.

Given the recent layoffs data, you're likely aware of the current job market situation.

But a good PM never looks for a job rather the Job finds that PM.

But when this didn’t happen to me. I was struck with self-doubt. But rather than cribbing, I decided to dive deep and find the problem.

Was it my lack of skill? or the market. Here are a few of the things that might even blow your mind.

Disclaimer: Most content in this article are assumptions based on observation and experience, not solid data. So, take this piece of content with a pinch of salt.

I have created a list of the TOP 50 Companies that you can apply to for the PM role. List of companies based on Market cap, type, and Industry. Comment “Company List” along with your email to get access to the same.

What is happening in the market?

Before diving into the reasons behind the current job market trends, let’s first examine what is happening in the job market.

Ghost Job Posting: Sometimes, it’s not about your skills or qualifications. Some companies post job openings to appear as though they are actively hiring, even when they are not, to give the impression that they are financially stable.

I have also heard from job seekers, that they are assigned tasks by hiring managers which they call assignments. Then once they get the task done the job posters don’t go ahead with the candidature.

I understand that these are wrong practices, but this is the TRUTH.

So It's not that you are at fault. But these people who are working in a crunch situation want their job done without breaking the bank.

Ghost posting is on the rise these days. They might give you the persectpiton that there are many job openings but there are not.

Oversupply of PMs: With the increasing number of PM Courses in the Market. Where everyone is a self-styled PM guru and preaches Product Management. (You might say the same about us.🙃)

You get a ton lot of content on the internet which also gets a lot of traction.

The sellers of this course are good marketers and storytellers. Their promotional content will get a lot of traction on video platforms.

Due to this many people take the course and start looking for a PM job. Nothing against people who want to change careers. I also transitioned from Engineering to Product.

But many are attracted because some course sellers show a swanky lifestyle. This makes us think this is an easy cool job.

It is cool but not easy. Due to this, many people are in the market looking for PM jobs.

Exaggerated salaries: During COVID we had significant instability in the job market. Many people switched jobs, and many joined the workforce.

However, due to the instability, there was a significant hike given to people who joined at that period. Due to this, there is a market perception about the job's basic pay.

Just go to the Levels website and filter for the Product Manager's pay. You will see significant PMs in the higher salary band without significant experience.

This created a lot of discrepancy in the salary band of PMs. Currently, when companies are looking for new PM hires they don’t have that budget.

Due to this, many PMs are not able to get new jobs based on their expected salary.

The F.I.R.E movement: Now the problem with the exaggerated salary was that many PMs during this phase jumped multiple jobs.

This increased their salary significantly creating an imbalance in the average salary. When I asked some of these PMs, why are they switching so many jobs so fast?

The Answer I got was F.I.R.E (Financially independent Retired Early).

I am of the view that you need to be at least 2 years in a particular company to understand a product and contribute to its growth.

But these PMs are of different opinion. They believe in frequent switching and want to achieve financial independence.

Due to this at any given time, there are many PMs in the market looking for a new job opportunity.

New Retirement Age: Due to exaggerated salary and an increasing number of PMs chasing the F.I.R.E movement. You will see more number of young Product Directors.

Nowadays, it’s common to see Product Directors between the ages of 28 and 35.

As more individuals attain director-level positions at a younger age, the average tenure in a Product Manager role tends to shorten.

Sundar Pichai rose from a Product Manager to a Product Leadership role in 11 years, before finally becoming CEO of Google and later Alphabet.

Currently, the path to leadership roles is accelerating; in some companies, it takes just 4–5 years to reach a director-level position.

While hiring some companies neglect experience others who get the job, have the knack of clearing PM interviews.

This way or the other the average time to leadership has decreased.

Lack of skilled PMs: This is a common issue among many aspiring product managers: they often lack the fundamental skills required for the role.

The problem is not lack of skill, but inability to upskill.

Every Product Manager needs to constantly upskill and keep on learning new skills.

Every Product Manager must continuously enhance their skills and stay informed about new technologies to stay ahead of the curve.

This is common advice, but you will be shocked to know how many PMs lack common skills.

Comment “PM Skills” for us to publish article on top PM skills and where to learn them

What does it mean for a Product Manager?

While the situation is challenging, there is still room for optimism.

As I mentioned in one of my articles, Product Managers who embrace AI can maintain a competitive edge.

Now is the time to adopt a new approach to advance in your PM career.

Develop your Unique Selling Proposition (USP)!

Ask yourself: What makes you stand out? Why should an employer choose you over another candidate?

Consider enhancing your skill set by learning UX, UI and even learning to code.

Don’t Quit your job, yet!

Many people, including several prominent PM influencers, choose to leave their jobs to seek new opportunities.

You might have also done the same in your past switch.

These influencers can often afford to take this risk because they have strong networks and established personal brands.

However, if you don’t have a solid network or personal brand, it might be risky to quit your job without another one lined up.

Currently, it often takes a minimum of six months to secure a good job offer.

While the desire to leave a dissatisfying job is understandable, it’s advisable only if you have financial security for six months to a year to support yourself during the job search.

If not, it’s wiser to continue working while you look for a new position.

What worked for me and other PMs?

Here are some strategies that have proven effective for me and other Product Managers in securing a PM position.

By following these tips, you can enhance your chances of landing a job in product management.

Don’t search for a job, let the job find you:

I wrote a complete article on this topic on how to attract jobs rather than going out and looking for jobs.

Using the strategies in the article. I was able to get a significant amount of HRs to reach out to me on Linkedin.

This is one of the best ways to get a job in this market condition.

LinkedIn won’t get you a job:

If you are looking at LinkedIn for a Job opportunity you are doing it all wrong.

LinkedIn is a good platform to network with people but not a good place to seek a job.

A survey says that 75% of the people on LinkedIn are not able to get job opportunities from LinkedIn.

In the article on LinkedIn won’t get you a job I have detailed the problem with the LinkedIn platform and also the solution on the alternate strategies. Do give it a read.

Upskilling- Age-old idea of MBA:

This may seem to contradict my previous article on whether an MBA is necessary to become a Product Manager, but it does not.

There are instances when the difficulty in securing a good PM job stems from employers’ preference for candidates with an MBA.

During such times, pursuing an MBA as a form of upskilling could be a wise decision.

There are numerous executive MBA programs available that can be completed while you continue to work, providing a practical route to enhance your qualifications.

Building Portfolio:

The last and my favorite advice is to build your portfolio.

Portfolio websites are the best way to stand out in the crowd.

Portfolio websites stand as proof of your work. So it becomes easier for Hiring Managers to differentiate you from other PMS.

I had in my earlier article provided a list of 6 Product Manager portfolio websites.

You can check them out for inspiration and understand how they will help you.

What to read after this?

• 10-Step Guide to Prepare for a Product Manager Interview
• Basic Guide on UX Laws that Every Product Manager Needs to Know
• Simple Guide to Transition from Engineering to Product Management.
• How does the Product Manager make decisions?
• Product Management in 2024: Navigating Change and Excelling in Your Career

Final Thoughts

While the product management job market is currently facing significant challenges, it is important to remember that opportunities still exist for those who are prepared.

Remember, resilience and adaptability are key in times of uncertainty.

Stay informed, be prepared to seize opportunities as they arise, and continuously strive to offer value.

The path might be tough, but with the right strategies and mindset, you can navigate through this challenging job market and emerge successfully.

Written by Product Managers Club