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Chief product officer hiring summary. Here are some key points about hiring chief product officers in the United States:
Here's a step-by-step chief product officer hiring guide:
A chief product officer (CPO) is an executive professional who is responsible for managing a company's product management team to create products that can deliver sustainable value to both customers and the business. This executive must lead the strategic product direction, which includes product vision, design, development, and marketing. To get insights from the needs of customers, this executive is required to initiate various types of customer research to use it to differentiate products from competitors. This chief product officer must also take part in exhibitions to present products to the audience.
Before you post your chief product officer job, you should take the time to determine what type of worker your business needs. While certain jobs definitely require a full-time employee, it's sometimes better to find a chief product officer for hire on a part-time basis or as a contractor.
A chief product officer's background is also an important factor in determining whether they'll be a good fit for the position. For example, chief product officers from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
This list shows salaries for various types of chief product officers.
| Type of Chief Product Officer | Description | Hourly rate |
|---|---|---|
| Chief Product Officer | Top executives devise strategies and policies to ensure that an organization meets its goals. They plan, direct, and coordinate operational activities of companies and organizations. | $35-116 |
| Marketing Manager | Marketing managers are experienced employees who oversee the marketing department of the organization. They manage activities such as marketing campaigns, social media postings, company branding, and other strategic marketing activities... Show more | $34-73 |
| Marketing Director | Marketing directors are responsible for the overall branding and marketing direction of the company. They are in charge of identifying goals and strategies related to marketing... Show more | $32-92 |
Including a salary range in your chief product officer job description is one of the best ways to attract top talent. A chief product officer can vary based on:
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | New Jersey | $199,420 | $96 |
| 2 | New York | $192,350 | $92 |
| 3 | California | $168,274 | $81 |
| 4 | Washington | $165,618 | $80 |
| 5 | District of Columbia | $164,079 | $79 |
| 6 | Maryland | $154,187 | $74 |
| 7 | Connecticut | $148,523 | $71 |
| 8 | Massachusetts | $142,723 | $69 |
| 9 | Virginia | $126,220 | $61 |
| 10 | Oregon | $117,422 | $56 |
| 11 | Texas | $115,079 | $55 |
| 12 | Pennsylvania | $113,507 | $55 |
| 13 | Michigan | $110,391 | $53 |
| 14 | Illinois | $99,689 | $48 |
| 15 | Minnesota | $97,402 | $47 |
| 16 | Ohio | $93,404 | $45 |
| 17 | North Carolina | $93,183 | $45 |
| 18 | Colorado | $90,636 | $44 |
| 19 | Utah | $89,892 | $43 |
| 20 | Georgia | $86,590 | $42 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | McKinsey & Company Inc | $201,083 | $96.67 | |
| 2 | $188,450 | $90.60 | 258 | |
| 3 | Federal Reserve Bank of New York | $185,807 | $89.33 | |
| 4 | Change.org | $184,071 | $88.50 | |
| 5 | Bank of the Ozarks | $168,902 | $81.20 | 4 |
| 6 | Federal Reserve | $168,857 | $81.18 | 1 |
| 7 | Best Apartments | $164,922 | $79.29 | |
| 8 | Federal Reserve Bank | $159,500 | $76.68 | 4 |
| 9 | Datadog | $156,086 | $75.04 | 25 |
| 10 | Forcepoint | $154,958 | $74.50 | |
| 11 | Realogy | $154,311 | $74.19 | |
| 12 | Agilent Technologies | $150,289 | $72.25 | 8 |
| 13 | Total Defense | $150,127 | $72.18 | |
| 14 | Sonic Automotive | $149,580 | $71.91 | 4 |
| 15 | Health Choice Network | $145,593 | $70.00 | |
| 16 | Braven | $145,418 | $69.91 | |
| 17 | Lahey Health Behavioral Services | $143,860 | $69.16 | |
| 18 | Ingram Micro | $142,719 | $68.61 | |
| 19 | Tango Networks, Inc. | $137,079 | $65.90 | |
| 20 | Patreon | $134,983 | $64.90 | 2 |
A job description for a chief product officer role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's a chief product officer job description:
There are a few common ways to find chief product officers for your business:
During your first interview to recruit chief product officers, engage with candidates to learn about their interest in the role and experience in the field. During the following interview, you'll be able to go into more detail about the company, the position, and the responsibilities.
It's also good to ask about candidates' unique skills and talents to see if they match your ideal candidate profile. If you think a candidate is good enough for the next step, you can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've decided on a perfect chief product officer candidate, it's time to write an offer letter. In addition to salary, it should include benefits and perks available to the employee. Qualified candidates may be considered for other positions, so make sure your offer is competitive. Candidates may wish to negotiate. Once you've settled on the details, formalize your agreement with a contract.
You should also follow up with applicants who don't get the job with an email letting them know that you've filled the position.
To prepare for the new employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.
Hiring a chief product officer comes with both the one-time cost per hire and ongoing costs. The cost of recruiting chief product officers involves promoting the job and spending time conducting interviews. Ongoing costs include employee salary, training, benefits, insurance, and equipment. It is essential to consider the cost of chief product officer recruiting as well the ongoing costs of maintaining the new employee.
Chief product officers earn a median yearly salary is $134,865 a year in the US. However, if you're looking to find chief product officers for hire on a contract or per-project basis, hourly rates typically range between $35 and $116.