Product Management salary 2024

We’re product management recruitment specialists offering up-to-date product salary information. This guide was last updated in January 2024.

Average salary £250,000

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Average salary £150,000

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Average salary £150,000

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Average salary £110,000

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Average salary £95,000

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Average salary £65,000

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Why offer good employee benefits?

Firstly, let’s discover why having a good benefits package is good for businesses. A good benefits package not only helps with attracting and recruiting top talent to your business in the first place, but also:

  • Improves retention and loyalty to the business, giving the business a competitive edge over other businesses in the same industry / sector / marketplace.
  • Employees are likely to be more productive and motivated at work if they feel they are compensated and looked after properly
  • Can help with better physical and mental wellbeing. Happy employees = happy employers.

Important employee benefits 2024

In today’s job market, it’s not enough for companies to just offer a good salary. They need to think about more than the usual health and pension plans when it comes to taking care of their employees. With the pandemic changing the way we work, what people want from their jobs has also changed. Now, it’s essential for companies to provide benefits that cater to employees’ lifestyles, keep them happy, and boost their productivity.

According to ACI Inspired Workplaces, the most sought after employee benefits in 2024 are:

Flexible work arrangements

This empowers employees to achieve a better work-life balance, manage personal commitments more effectively, and reduce stress related to rigid traditional work hours. The flexibility also enables employees to optimise their productivity, resulting in increased job satisfaction and a stronger sense of control over their professional lives. Ultimately, offering flexible work arrangements demonstrates trust and support from the employer, fostering a positive and loyal workforce.

Diversity and inclusion measures

Diversity, equity, and inclusion are important to employees because they create a workplace environment that celebrates and respects individual differences, ensures fairness, and fosters a sense of belonging for all employees. Embracing diversity means appreciating the unique perspectives, experiences, and backgrounds that each employee brings to the table. It encourages creativity, innovation, and better decision-making through diverse viewpoints.

Mental health support

When employers prioritise mental health support, it demonstrates genuine care for their employees’ welfare, creating a more compassionate and understanding work environment. This, in turn, promotes a sense of trust and loyalty among employees, fostering stronger connections with the organisation. Mental health support also plays a crucial role in maintaining a productive and motivated workforce.

Learning and development opportunities

By providing access to training workshops, courses, and seminars, employees can acquire new knowledge and expertise, which not only benefits them individually but also adds value to the organisation. Improved skills and competencies can lead to increased productivity, efficiency, and innovation in the workplace. Personal development and training also boost employee morale and motivation.

Family-friendly benefits

By offering family-friendly benefits such as enhanced parental leave, flexible work schedules, and childcare assistance, employers show that they value their employees as individuals with personal lives outside of work. This creates a positive and supportive work culture where employees feel appreciated and understood.

Technology and home office equipment

Most businesses now are offering to cover the cost of an employees home office equipment, making sure their home working environment is safe and fit for purpose. The main objective around this is to ensure productivity is the same in both working environments. It also makes the employee feel valued and more financially secure, without worrying about the cost of additional tech and office supplies.

Product Management employee benefits

Pension contributions

4% is the standard in terms of employer contributions, with a statutory minimum of 3%, so anything above 4% is a good additional benefit for employees.

Insurances (medical, dental, vision, life and income protection)

This is an area that potential employees really value, and these insurances are now commonplace within an offer package. These benefits are essential in securing candidates and highlights that the business cares about its employees and their wellbeing.

Performance related bonuses

Between Product Manager and Head of Product levels, bonuses that are based equally on individual performance and company performance are usual. For senior leadership roles, bonuses are usually based on company performance and meeting specific objectives.

Maternity / paternity enhanced leave

Start-up/scale-up businesses often do not offer this benefit, tending to be something for very large organisations only to consider. This could become a great point of difference for start-ups to use in a competitive market.

Childcare assistance

You should always take part in any government approved childcare schemes. It can make a huge difference to your employee’s personal finances and can help people return to work.

Wellness benefits (gym, nutrition etc)

Benefits like this are again more commonplace in today’s market, especially within the younger age groups. It often aligns with the values of the business, with a focus on employee wellbeing, and can really help in the battle to attract high quality talent.

Relocation packages

This should always be considered for senior level roles where there is a talent pool across the globe. With the rise of flexible, hybrid and remote working, businesses may be reassessing whether relocation is still necessary and whether the role could be executed well remotely with occasional travel only.

Stock options / equity

There are many variables with stock options – we often give clients advice in this area that is bespoke to each business. 

Read our guide to equity which shows examples of equity packages from the recent year.

Product Management market observations 2024

  • Clients tell us they’re making cuts to extend runway, as it is a challenging environment to raise money.
  • We’re seeing and strong supply of high-quality candidates in the market as a result.
  • We’re seeing positive signs of the market improving when talking to clients about H1 and H2 hiring plans.
  • We’ve noticed more demand for contract product staff, and fractional product experts, especially fractional CPO’s.

In demand product management skills

According to Product Manager, the most in-demand skills for 2024 are:

Technical skills

  • Understanding of web development
  • Writing technical specifications and requirements
  • Conducting market research
  • Knowledge of UX best practises

Soft skills

  • Critical thinking and analytical skills
  • Leadership and initiative 
  • Flexibility
  • Problem solving
  • Time management
  • Public speaking

For more information about how to hire for your product management team, please contact us today.

Product Management Salary And Money