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Product analyst hiring summary. Here are some key points about hiring product analysts in the United States:
Here's a step-by-step product analyst hiring guide:
A product analyst job utilizes data analysis software and notates trends in market research. Primarily, analysts project the costs of product development and marketing. They think of the possibilities for profit and sales and monitor the performance of products on the market to come up with a better product. Their responsibilities include company product evaluation, product understanding, and product rating reviews. Familiarity with Microsoft Office Suite, strong communication skills, and proficiency in database software is necessary for this job.
Before you start hiring a product analyst, 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.
A product analyst's background is also an important factor in determining whether they'll be a good fit for the position. For example, product analysts 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 presents product analyst salaries for various positions.
| Type of Product Analyst | Description | Hourly rate |
|---|---|---|
| Product Analyst | Management analysts, often called management consultants, propose ways to improve the efficiency of an organization. They advise managers on how to make organizations more profitable through reduced costs and increased revenues. | $26-53 |
| Business Analyst Internship | A Business Analyst Intern provides support to the business analysis team in preparing business plans and strategies. They make suggestions for improvements, write reports, perform research, and analyze data. | $16-28 |
| Technical Business Analyst | As a technical business analyst, one oversees the technical business project and solution implementation. Technical business analysts work with the technical team members and stakeholders for the mapping, analysis, and documentation of business projects and processes... Show more | $29-50 |
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Washington | $112,114 | $54 |
| 2 | California | $106,542 | $51 |
| 3 | New Jersey | $86,924 | $42 |
| 4 | New York | $84,028 | $40 |
| 5 | District of Columbia | $83,381 | $40 |
| 6 | Massachusetts | $82,353 | $40 |
| 7 | Colorado | $79,251 | $38 |
| 8 | North Carolina | $79,218 | $38 |
| 9 | Virginia | $77,898 | $37 |
| 10 | Texas | $76,946 | $37 |
| 11 | Connecticut | $76,537 | $37 |
| 12 | Arizona | $76,104 | $37 |
| 13 | Illinois | $75,842 | $36 |
| 14 | Delaware | $75,586 | $36 |
| 15 | Pennsylvania | $74,018 | $36 |
| 16 | Missouri | $70,921 | $34 |
| 17 | Georgia | $69,885 | $34 |
| 18 | Ohio | $68,943 | $33 |
| 19 | Tennessee | $67,815 | $33 |
| 20 | Wisconsin | $66,436 | $32 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Meta | $133,992 | $64.42 | 846 |
| 2 | Apple | $131,707 | $63.32 | 73 |
| 3 | ICE Mortgage Technology | $126,869 | $60.99 | |
| 4 | Chegg | $125,628 | $60.40 | |
| 5 | $124,103 | $59.66 | 266 | |
| 6 | Waymo | $121,490 | $58.41 | 6 |
| 7 | Morgan Lewis | $120,958 | $58.15 | 2 |
| 8 | Atlassian | $120,105 | $57.74 | 25 |
| 9 | Microsoft | $118,973 | $57.20 | 85 |
| 10 | Thumbtack | $118,594 | $57.02 | |
| 11 | Credit Karma | $118,026 | $56.74 | 5 |
| 12 | Square | $117,523 | $56.50 | |
| 13 | Dropbox | $117,086 | $56.29 | 9 |
| 14 | BP America Inc | $116,476 | $56.00 | 2 |
| 15 | Nike | $115,855 | $55.70 | 87 |
| 16 | Macy's | $115,520 | $55.54 | 3 |
| 17 | Adobe | $113,536 | $54.58 | 62 |
| 18 | Neiman Marcus Group | $113,138 | $54.39 | 1 |
| 19 | Uber Technologies | $112,810 | $54.24 | |
| 20 | Okta | $111,444 | $53.58 | 24 |
A good product analyst 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 product analyst job description:
To find product analysts for your business, try out a few different recruiting strategies:
Your first interview with product analyst 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.
Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates 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 found the product analyst candidate you'd like to hire, it's time to write an offer letter. This should include an explicit job offer that includes the salary and the details of any other perks. Qualified candidates might be looking at multiple positions, so your offer must be competitive if you like the candidate. Also, be prepared for a negotiation stage, as candidates may way want to tweak the details of your initial offer. Once you've settled on these details, you can draft a contract to formalize your agreement.
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.
After that, you can create an onboarding schedule for a new product analyst. Human Resources and the hiring manager should complete Employee Action Forms. Human Resources should also ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc., and that new employee files are created.
Hiring a product analyst comes with both the one-time cost per hire and ongoing costs. The cost of recruiting product analysts 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 product analyst recruiting as well the ongoing costs of maintaining the new employee.
The median annual salary for product analysts is $79,316 in the US. However, the cost of product analyst hiring can vary a lot depending on location. Additionally, hiring a product analyst for contract work or on a per-project basis typically costs between $26 and $53 an hour.