Forrester Consulting conducted a study in 2022 and found that what characterizes successful product management teams is that they are actively investing in advancing their practices.
But are companies investing in their product teams and their development and skills? In the Nevico Product Management survey 2022, a picture emerges:
The survey findings suggest that there is a disconnect between the perception of improvement plans for product management at the leadership level compared to the perception of product managers themselves. While 47% of product managers reported that there is a clear plan for improving product management at their company, 64 and 67% of directors and top leadership respectively reported that there is a clear plan. This indicates a lack of transparency on the improvement plans – and possibly not strong enough, or the right activities for the product mangers to really see and feel the impact.
Quote from survey respondent:
“The plan is very focused on developing better tools for us but it doesn’t look at the core competencies needed to be a product manager nor does it look at improving our general skill level.”
This highlights the importance of having a clear improvement plan in place for your product management team as well as for individual contributors, and how important it is to have transparency and communication to ensure that all members of the product management team are aware of and understand the improvement plan. It is pivotal that the leadership and the product management team to work together to identify areas for improvement, and create a plan together.