Around the world, interest in the term ‘product manager’ has doubled. The job description is now outgrowing more ‘traditionally’ attractive career paths like management consulting and investment banking.
Tasked with visualising, strategising and developing successful products, product managers are an important bridge between products and the consumer. They are responsible for guiding the success of a product and leading the multi-disciplinary team that is responsible for improving it.
Even though the discipline is thought to have been around since the 1930s, product management is still considered an emerging field. But companies around the world are excited about the benefits.
Companies hiring for product management jobs in Finland have also caught the bug and have been carrying out a lot of activity on this front.
If you have had an eye on the developments in the market for product management jobs in Finland, you’ll thoroughly enjoy this article.
Drawing from data curated from the MeetFrank app, we took a close look at how jobs in product management have been shaping up in Finland. This article will discuss 7 interesting facts we’ve unearthed. Here goes.
#1: Offers for product management jobs in Finland have increased by 160%
Compared to the period running from July to December 2018, product management jobs in Finland have seen an astonishing increase in offers.
MeetFrank data on offers for these jobs in the first half of 2019 showed a 160% increase in these offers as against the second half of 2018.
For a position that is still emerging, this is a promising increase. Clearly, more companies are hiring for these jobs on MeetFrank and more candidates have an opportunity to find the jobs that interest them.
#2: Product managers provide 34% extra revenue to companies
That’s one of the reasons why there’s so much hype around product management jobs in Finland and in various industries.
Unlike other professionals such as project managers, sales/marketing reps and business development reps, product managers occupy a niche that was unsatisfied by any of the other positions.
The general trend in sales has been an increasing gravitation towards the consumer as the nucleus of the industry. And as the consumer takes possession of its place at the heart of the industry, they increasingly require more from businesses.
This makes for a surprisingly cut-throat industry where products that don’t cut it will fail, and fast. According to this 280 Group survey, up to 21% of products fail because they do not meet customers’ needs. That’s about 1 in 5 products.
Product managers are uniquely placed to do one thing: bring the perspective of the consumer into the production process. They bring a unique understanding of consumer needs, problems and expectations to the table, then incorporate these in the production process from conception through to marketing and sales.
That’s why when performing at their best, product managers can help companies increase profits by up to 34.2%. How’s that for an investment?
#3: Yet, less than 30% of executives fully appreciate their value
That’s a hard stat to swallow. Despite the obvious value that product managers can bring to companies, almost two thirds (2 out of 3) of executives don’t even understand that value. How’s that for being unappreciated?
This problem is common for people in emerging roles where a lot of work is still being put into understanding the roles. Unlike other established roles like sales, marketing or design, it can be a tad difficult to showcase your value as a product manager.
Getting around this will involve finding ways to bring your value across clearly to the decision makers. When they can clearly see what you’re doing and how it impacts the firm, they will better understand your value.
#4: Senior product managers are the most sought after candidates
For the period between January to July 2019, candidates in senior roles were the most sought after by companies hiring for product management jobs in Finland.
Offers for candidates in lead roles were a close second though while offer for mid-level positions were distinct third. The least offers were made to candidates in executive roles and entry positions.
Considering the data, it might be worth your while to invest in added skills and experience before taking the plunge into the market for product management jobs in Finland.
The companies doing the most hiring for these jobs include Web-veistämö / Avoin.Systems, Efima Oy, Zeffi, Kraftvaerk Finland Oy, Kuori Oy, Qentinel Oy, Särmä Digital Oy, ICarryIt Ltd, Datafisher and Myinfomonitor.
#5: The lowest paid product managers in Finland earn an average of €3,600
MeetFrank data shows that entry roles in product management attracted average monthly salaries of €3,600. Not a bad start to a career in product management.
Mid-level product managers were paid an average of €4,125 per month, seniors earned €4,833 and executives were highest paid, carting away €5,500 per month.
The general averages throughout the first half of 2019 indicated an average minimum of €2,762 and an average maximum of €4,692. The highest salary offer was a princely €7,500 per month.
Our figures for monthly averages also buttressed the high figures for average salaries with the highest being €4,550 in June and the lowest, €3,130 in March.
#6: The most in-demand skill for product managers is project management
Considering the fact that product management and project management are considered to require very different skillsets, this is quite interesting.
Project management usually involves taking charge of a specific subset of the production process and managing goals, deadlines and results in relation to that subset. For instance, in the course of producing a new iPhone model, a team may be asked to focus on producing a better camera. A project manager will usually be in charge of that team.
However, despite the narrower focus of project management, it makes sense that it is required for product management jobs in Finland. At its most basic level, a single product is a collection of different features and elements.
A skilled product manager should be capable of focusing on one of these elements and micro-managing there if necessary. If the iPhone’s camera is considered to be that point where the next big breakthrough will come from, then the product manager will have to pay special attention to it.
Other skills required from product managers in Finland include business development (16%), team leading (16%), quality assurance (11%) and user experience (9%).
Project management, business development and team leading are the skills possessed by the top earners in the profession. MeetFrank data indicates that these skills will be useful to earning salaries above €4,000.
#7: Less than 5% of product managers can code
Surprisingly, the vast majority of product managers do not know how to code. Why’s this surprising?
Well, for a business role that has gained popularity through its development in tech companies, it’s a bit of a surprise. Although, while the role was once fairly technical, it’s fair to say there’s now a bit of diversity to the role. So coding skills are not entirely mandatory.
Despite this, 60% of product managers admit that more technical training will help them become better managers. This can help them better communicate with teams and translate their ideas much more fluidly.
If you would like to know more about product management jobs in Finland, you can download MeetFRank article for Android or Apple. All the important info you need is available on the app, and you can see the companies interested in hiring you.
Companies can also use MeetFrank to see the perfect candidates for them and set up their hiring process. Call us to see how the app works.