Senior Product Managers are planning to quit their job in 2024 according to this CNBC article, but why?
I have been a product manager for over 9 years now, and I can tell you that is the most fulfilling job for several reasons, If you want to know why a product manager is a great career, check out this video.
But why are senior product managers planning to quit, I sent a survey to a few thousand product managers who are subscribed to my newsletter and received a few answers to share with you.
1. Burnout
I can confirm this myself. At some point in my career, I found it hard to get up in the morning, I lost my appetite, and I could not sleep well. I did not notice what was happening until my friends confronted me about it.
Even my Oura ring showed me a low HRV score.
The role of a senior product manager is highly demanding, often involving long hours and high levels of stress.
It leads to burnout, prompting senior product managers to seek roles with a better work-life balance. Self-development, time management, and taking care of your mental and physical health are some of the key pillars to becoming and sustaining a product management career.
2. Desire for Greater Impact
Some Product managers are glorified project managers, I was one myself. I used to work in one of the big banks in the Middle East, I did not own a product roadmap, I was not allowed to talk with customers, and my job was to deliver features dictated by my boss within a strict deadline. Validating if we were building the right thing or not was a waste of time.
Some Product managers are looking for opportunities to have a more significant impact, whether in terms of product innovation, team leadership, or strategic influence.
3. Attractive Market Opportunities
With their experience and skills, senior product managers are in high demand.
The lure of better offers, including higher pay, more significant responsibilities, or more exciting products, can be strong motivators to switch jobs.
Either you confront your boss for a 2 or 3 percent salary increase or you join another company for a 15% salary increase.
4. Entrepreneurial Aspirations
Product managers are the driving force behind taking an idea, making sure it made sense, getting it built, and finally, getting it out into the market.”
You are bound to develop entrepreneurial skills to get things done.
So it should not be a surprise that some senior product manager decides to leave and start their own companies or build their products
5. Technological and Market Shifts
Many product managers are tinkering with AI in their spare time, and they are eager for a job opportunity to work with large language models and build innovative products.
Rapid changes in technology and market trends are leading some senior product managers to seek roles that align more closely with their passion for emerging fields or industries.
6. Remote Work and Flexibility Preferences
The shift towards remote work has altered many professionals’ expectations.
I used to believe that product management couldn’t be done remotely, but I was mistaken. Yes, you need to make a few adjustments for it to work, but it is rewarding. you can find more details on this topic in the linked video
Senior product managers are seeking more flexibility and remote work opportunities. Which is why some are planning to quit roles that don’t offer these options.
Here are the major 6 reasons that I was able to gather from my newsletter subscribers, what about you, why do you think senior product managers are planning to quit?
