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Principal product manager hiring summary. Here are some key points about hiring principal product managers in the United States:
Here's a step-by-step principal product manager hiring guide:
The duties of a principal product manager depend on one's place or industry of employment. Typically, their responsibilities revolve around overseeing the organization's product roadmap, devising strategies for optimal operations and services, and managing production and marketing communications. They must also coordinate with different research scientists and engineers to develop systems and networks that will increase profitability and assist in meeting consumers' needs. Furthermore, as a manager, it is essential to lead and encourage teams, all while implementing the company's policies and regulations.
Before you start hiring a principal product manager, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.
You should also consider the ideal background you'd like them a principal product manager to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire a principal product manager that fits the bill.
Here's a comparison of principal product manager salaries for various roles:
| Type of Principal Product Manager | Description | Hourly rate |
|---|---|---|
| Principal Product Manager | Advertising, promotions, and marketing managers plan programs to generate interest in products or services. They work with art directors, sales agents, and financial staff members. | $50-95 |
| Web Manager | Web Managers are responsible for managing websites for organizations. Their duties include managing website upgrades, testing for website performance, implement a strategy to increase web traffic and subscribers, troubleshooting website issues, and responding to security breaches... Show more | $25-60 |
| Product Lead | A product lead is responsible for monitoring the development of new products and services of an organization, starting from brand conceptualization to official market release and distribution. Product leads identify effective product management by conducting data analysis and evaluating market statistics of customer demands... Show more | $41-78 |
Including a salary range in your principal product manager job description helps attract top candidates to the position. A principal product manager salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.
For example, the average salary for a principal product manager in Kansas may be lower than in Washington, and an entry-level principal product manager usually earns less than a senior-level principal product manager. Additionally, a principal product manager with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | California | $170,974 | $82 |
| 2 | Washington | $163,954 | $79 |
| 3 | Rhode Island | $157,875 | $76 |
| 4 | Oregon | $141,853 | $68 |
| 5 | Massachusetts | $136,207 | $65 |
| 6 | Arizona | $130,834 | $63 |
| 7 | Utah | $130,699 | $63 |
| 8 | New York | $126,707 | $61 |
| 9 | Minnesota | $126,677 | $61 |
| 10 | New Jersey | $125,949 | $61 |
| 11 | Maryland | $125,157 | $60 |
| 12 | Virginia | $121,855 | $59 |
| 13 | Iowa | $121,601 | $58 |
| 14 | District of Columbia | $120,695 | $58 |
| 15 | Arkansas | $119,572 | $57 |
| 16 | Texas | $118,271 | $57 |
| 17 | Illinois | $118,175 | $57 |
| 18 | Colorado | $116,943 | $56 |
| 19 | Indiana | $116,942 | $56 |
| 20 | Ohio | $116,493 | $56 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Brex | $220,777 | $106.14 | |
| 2 | Pure Storage | $201,021 | $96.64 | 20 |
| 3 | $199,476 | $95.90 | 340 | |
| 4 | The Walt Disney Company | $199,296 | $95.82 | 158 |
| 5 | Turner Broadcasting | $198,336 | $95.35 | |
| 6 | Hearst | $195,642 | $94.06 | 30 |
| 7 | Eventbrite | $195,054 | $93.78 | |
| 8 | Hulu | $193,254 | $92.91 | |
| 9 | eBay | $191,557 | $92.09 | 35 |
| 10 | Anaplan | $190,230 | $91.46 | 8 |
| 11 | Warner Bros. | $189,970 | $91.33 | 85 |
| 12 | NVIDIA | $188,489 | $90.62 | 78 |
| 13 | Atlassian | $181,786 | $87.40 | 62 |
| 14 | Apple | $179,905 | $86.49 | 81 |
| 15 | Move | $178,896 | $86.01 | |
| 16 | Walmart | $178,016 | $85.58 | 279 |
| 17 | Redis Labs | $177,957 | $85.56 | 3 |
| 18 | Safeway | $175,249 | $84.25 | |
| 19 | UiPath | $174,038 | $83.67 | 5 |
| 20 | Magic Leap | $174,009 | $83.66 | 1 |
A good principal product manager job description should include a few things:
Including a salary range and the first name of the hiring manager is also appreciated by candidates. Here's an example of a principal product manager job description:
To find principal product managers for your business, try out a few different recruiting strategies:
Your first interview with principal product manager candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.
It's also good to ask about candidates' unique skills and talents. You can move on to the technical interview if a candidate is good enough for the next step.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've selected the best principal product manager candidate for the job, it's time to write an offer letter. In addition to salary, this letter should include details about the benefits and perks you offer the candidate. Ensuring that your offer is competitive is essential, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and you should be open to discussion. After you reach an agreement, the final step is formalizing the agreement with a contract.
It's equally important to follow up with applicants who don't get the job with an email letting them know that the position has been filled.
To prepare for the new principal product manager first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.
Recruiting principal product managers involves both the one-time costs of hiring and the ongoing costs of adding a new employee to your team. Your spending during the hiring process will mostly be on things like promoting the job on job boards, reviewing and interviewing candidates, and onboarding the new hire. Ongoing costs will obviously involve the employee's salary, but also may include things like benefits.
You can expect to pay around $145,943 per year for a principal product manager, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for principal product managers in the US typically range between $50 and $95 an hour.