Business Analyst & Product Owner Jobs Market April 2023
The reduction in headcount in the technology sector has had a direct correlation with the recruitment activity for product management roles in those companies. Although product management and product owner positions are not singularly wedded to the tech sector, it is undeniable that the majority of demand for these roles over the last 12 months has come from technology product companies.
Regardless of the decline in the level of demand, there are still organisations competing for talented product managers and product owners to meet their needs. The trend is that technology businesses whose primary revenue stream is advertising or software companies with a revenue model deeply tied to the SaaS pay-per-seat model have been affected the most and businesses outside these areas are less affected.
The reduction in the demand for these roles has not had a noticeable impact on salaries thus far but we’ll be observing this space for any adjustments over the coming months. Something that is more apparent is the shape of packages being offered in the current market.
The LTIP (long-term incentive plans) which historically could include handsome financial rewards, on paper, in the form of RSUs, stock options, or similar, is far less prevalent in the current market. This is aligned with the types of organisations that are still in a position to recruit in this area.
One noticeable trend is the push (or pull) towards spending 2-4 days in the office. Many companies have recognised that they’ve not been able to sustain the same level of productivity when working remotely and have taken different approaches to implementing and maturing their hybrid working model.
This has resulted in some attrition (due to practical location issues, change discomfort or deterioration in trust) and if companies try to further their agenda in this regard, this could have a more significant impact.
For more information on the current Business Analysis & Product jobs market and the latest salary bands, please download our IT Salary Survey below.