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Wednesday, December 5, 2018

The product management talent dilemma 12-06




Product management is one of the most critical talent pools for any company that is writing software but often does not get the right level of attention. Having a world-class product management function requires a multipronged approach under a holistic talent-management program. We recommend that this be a joint priority of the chief HR officer and the head of product. 
 Despite product managers’ central roles in software organizations, they are often neglected from a talent-management perspective. Four levers can address this industry-wide challenge.

Product management remains one of the most critical roles for any company for which software is a core growth driver. Amid the growing importance of data in decision making, an increased customer and design focus, and the evolution of software-development methodologies, the role of the product manager has evolved to influence every aspect of making a product successful. As a result, CEOs and technology leaders often identify the role of product manager as one of their top talent priorities. Paradoxically, results from the McKinsey Product Management Index reveal that companies are underinvesting in this crucial talent pool.

The McKinsey Product Management Index is a survey of product managers at leading software companies to understand the capabilities and enablers that create top-performing product managers (Exhibit 1). This research surfaced systemic gaps around software-talent management; in fact, fewer than half of the product managers feel prepared to play the roles expected of them or grow into future product leaders.



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