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Product development manager hiring summary. Here are some key points about hiring product development managers in the United States:
Here's a step-by-step product development manager hiring guide:
A product development manager spearheads the development of new products within a company. Most of the time, their responsibilities revolve around conducting marketing research and analysis to determine consumers' needs, coordinating with the product development team to come up with new ideas, proposing business plans to the executives, and creating prototypes. A product development manager must also present a cost analysis, produce progress reports, and address inquiries and concerns. Furthermore, as a manager, it is essential to lead and encourage the staff, all while adhering to the company's policies and regulations.
First, determine the employments status of the product development manager you need to hire. Certain product development manager roles might require a full-time employee, whereas others can be done by part-time workers or contractors.
A product development manager's background is also an important factor in determining whether they'll be a good fit for the position. For example, product development managers 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.
Here's a comparison of product development manager salaries for various roles:
| Type of Product Development Manager | Description | Hourly rate |
|---|---|---|
| Product Development 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. | $40-73 |
| 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 |
| Product Management Director | A Product Management Director is responsible for a business product planning as well as execution throughout the life cycle of the business. They create the product strategy and requirements, develop and execute tactical plans, and maintain product and market knowledge. | $53-105 |
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | California | $141,223 | $68 |
| 2 | Nevada | $135,817 | $65 |
| 3 | Washington | $120,592 | $58 |
| 4 | Arizona | $118,214 | $57 |
| 5 | Texas | $114,298 | $55 |
| 6 | Pennsylvania | $113,535 | $55 |
| 7 | Massachusetts | $112,912 | $54 |
| 8 | Connecticut | $111,379 | $54 |
| 9 | Illinois | $110,842 | $53 |
| 10 | Missouri | $110,761 | $53 |
| 11 | North Carolina | $106,636 | $51 |
| 12 | New Jersey | $106,511 | $51 |
| 13 | New York | $105,061 | $51 |
| 14 | Maryland | $104,399 | $50 |
| 15 | Colorado | $102,756 | $49 |
| 16 | Georgia | $102,247 | $49 |
| 17 | Indiana | $102,186 | $49 |
| 18 | District of Columbia | $100,808 | $48 |
| 19 | Minnesota | $98,659 | $47 |
| 20 | Ohio | $97,539 | $47 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Meta | $160,813 | $77.31 | 559 |
| 2 | PayPal | $160,168 | $77.00 | 48 |
| 3 | Airbnb | $158,005 | $75.96 | 3 |
| 4 | ByteDance | $156,507 | $75.24 | 5 |
| 5 | Apple | $154,353 | $74.21 | 90 |
| 6 | $154,349 | $74.21 | 278 | |
| 7 | NVIDIA | $153,949 | $74.01 | 82 |
| 8 | Sagent Pharmaceuticals | $151,361 | $72.77 | 2 |
| 9 | Waymo | $151,030 | $72.61 | 22 |
| 10 | $148,799 | $71.54 | 3 | |
| 11 | Databricks | $147,621 | $70.97 | 28 |
| 12 | Levi Strauss & Co. | $146,774 | $70.56 | 6 |
| 13 | F5 | $146,056 | $70.22 | 18 |
| 14 | PVH | $142,874 | $68.69 | 7 |
| 15 | Five Below | $142,225 | $68.38 | 3 |
| 16 | The Walt Disney Company | $141,172 | $67.87 | 96 |
| 17 | Revlon | $140,444 | $67.52 | 2 |
| 18 | Varian Medical Systems | $139,849 | $67.24 | |
| 19 | Barnes & Noble | $139,414 | $67.03 | |
| 20 | Western Digital | $137,823 | $66.26 | 2 |
A product development manager job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of a product development manager job description:
There are a few common ways to find product development managers for your business:
Your first interview with product development 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 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 product development manager 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.
It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.
After that, you can create an onboarding schedule for a new product development manager. 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.
There are different types of costs for hiring product development managers. One-time cost per hire for the recruitment process. Ongoing costs include employee salary, training, onboarding, benefits, insurance, and equipment. It is essential to consider all of these costs when evaluating hiring a new product development manager employee.
The median annual salary for product development managers is $113,437 in the US. However, the cost of product development manager hiring can vary a lot depending on location. Additionally, hiring a product development manager for contract work or on a per-project basis typically costs between $40 and $73 an hour.