How to Find Safety and Security in Your Next Product Role
A friend of mine, Dennis Chow, recently asked me an interesting question: “If you were looking at a new Product Management job opportunity, what factors would you look at in order to determine safety and stability“?
Dennis is a Product coach and was guiding a couple of his clients around new job opportunities.
Safety and security are as critical as ever. As you might know, the Product Management function has been under fire in recent years. Companies have been right-fitting their workforces, finding efficiencies where they can to drive up margins. Product Management, for reasons we won’t delve into in this article, has been a top target for cuts.
So, whether you’re the victim of those cuts or just seeking out the next stop in your career journey, you are probably focused on landing not just a job, but a secure one.
I’ve started several new Product roles in my career. In terms of happiness, my experiences look like a bell curve. Some have worked out well. The majority have been so-so. The worst experiences have been due to psychological safety. So, I thought about what factors I should have paid more attention to avoid the bad situations.
One item you won’t see on my list is the notion of "Culture”. Sure, if you’re 100% sure that a company’s culture is world-class and will continue to be for the foreseeable future, count that in. But from my experiences, having certainty around that is rare. Culture is perception. It changes over time and by team. At most companies, culture to an external candidate is a web page with some aspirational principles that aren’t validated. And everyone in the interview process will sing praises about the culture. Then, you’ll join and over the next three months, you’ll discover the warts. Every company has warts.
After much pondering, I provided Dennis three factors I would consider to best ensure job security and psychological safety.
First, a few disclaimers:
I thought of “safety and security” in a couple of ways. The first is the ability to maintain your position assuming you’re doing good work. The second is the opportunity to feel valued and respected across the organization.
I have made more mistakes in picking employers than I have made good choices. I don’t know if that makes me the best or worst person to write this article.
I put a lot of thought into the answer, even taking a couple of weeks before I responded to Dennis.
The factors I list are in priority order. So, the first factor is - in my opinion - the most vital.
I am just one person. What would you add? Agree? Disagree? How have you approached sizing up an opportunity? Please leave in comments.
Factor 1: Strong, supportive leadership
How supportive will your manager be of your career? I feel this is the biggest factor, assuming your manager remains your manager for the foreseeable future. At any level of the organization, having a manager who cares about your success and development can be a game changer for your happiness.
The other benefit of a good manager is that you will learn from them, which of course makes you better in your role and thus more valuable to the organization.
How do I gauge strong and supportive leadership? Obviously, if you can work for a leader you are familiar with, that works best. This may sound obvious, but I passed up a role in which I greatly respected the hiring manager for someone I didn’t know and it was one of my worst career decisions. Even if the manager has flaws (don’t we all?), sometimes that familiarity can feel better than the complete unknown. As they say, it’s the devil you know versus the devil you don’t know.
Of course, the next best thing is finding a manager that someone you trust has worked with before. Essentially, you’re looking for validation that your future boss will be supportive.
In the interview process, look for signs that the leader is open to new ideas, listens well and ask how the manager has developed the current talent on the team. Look for real results for real people, not platitudes.
Also, if possible, try and do the same for leaders up the org chart from the hiring manager. Likely, you’ll have some interaction with them too so it’s critical they have a positive track record. One tactic I’ve employed is finding a former employee from the company and asking them to take a call and give feedback. You’d be surprised how many people are willing to help in this situation.
Also, I am probably in the minority of those who trust glassdoor ratings and reviews. Read through the recent reviews and gauge how folks in different teams feel about their lives. Yes, the reviews may skew negative. However, you should get a clear idea of where current employees are struggling.
Factor 2: A strong financial outlook
Job safety, security and satisfaction will be difficult - although not impossible - if the organization is not set up for success.
Prolonged headwinds of a failing business model will stunt growth, apply more pressure on the team and ultimately create greater threats for cuts.
It’s important to note that, especially in Product Management, you might be hired to substantially improve (even turn around) the financial prospects of the company. This is dependent on the amount of responsibility tied to the role you’re considering. I have previously been hired into Director-level roles to help turn a product line around. It’s worthwhile recognizing that the process of reviewing the strategy, product, customer, team and then planning and applying changes takes a long time. Typically, it takes years. So, consider whether you want to invest years in what might be less safety and security until you reach that point. If you can successfully turn the ship around, it’s a great win for the resume. It’s also risky.
Ideally, you’ll find a company with a run rate out a few years that already has a market presence and has a unique value proposition that others can’t easily match.
How do I gauge a strong financial outlook? Luckily, a lot of the assessment here can be done through research before entering the interview process.
Through research, figure out the track record of the company, competitive threats. If the company is public, how has the company performed? How do analysts project the company will fare? If you have friends in the industry, reach out and ask “How would you assess this company in the industry?” Even trying to perform a SWOT analysis based on your research is a valuable tool.
Then, more information can be gained through the interview process. Here are some questions to ask:
What is your company strategy? Can the company execute?
Tell me about the team and why they’re set up for success.
What are the main KPI’s for the organization? How does the organization define success?
Why will your organization uniquely win in this market?
Factor 3: They need you
As I write this, I take a long, deep breath. I’ve been on both sides of the fence. I’ve joined companies in which there is gaping hole where there should be a Product Manager. This is what you want. You want to be able to join the team and begin adding value. You want to be appreciated for your skillset and how you can help the company where there is a gap today.
The flip side is much worse. The flip side is why this factor exists on my list. It’s an immense threat to psychological safety. In a couple of instances, I’ve joined companies and the function of the typical PM is being done by someone still at the company and not ready to relinquish the work. It’s a very uncomfortable situation. In a world where the Product Management function can be nebulous to begin with, it’s critical that you understand the environment you’re walking into.
In one case, I joined a company where two members of the team were fulfilling the role of product management leadership for several years. I joined and the resistance was palpable. It’s best to figure out roles and responsibilities before you join the company, not when you start.
Ultimately, the role of Product Management should be looked at as critical to productivity and driving to business outcomes.
How do I gauge whether they need me? Most of this will be uncovered in the interview process. I’d be persistent in asking questions across a few areas.
Is this a new role? If not, what happened to my predecessor? How did they conduct the job? Why did they leave? How might I improve on their work? If this is a new role, why did the company decide this role was needed?
Who is doing this work right now?
Why am I specifically a candidate for this role?
How does Product Management at your company interact with customers? Other teams? Partners? The Board?
You are ultimately trying to form a picture of how much the firm will respect you in your role. I joined one company as a Product Manager and they literally put me in a scrum room and asked me to play the role of scrum product owner. There was no strategy work, no customer interaction, very little interfacing with other teams. It was a feature shop where management force fed the team high level requirements. That role was wrong for me. I left within six months. It’s my fault for not asking the right questions up front.
Conclusion
Respect yourself and your abilities. You deserve it. Ask tough questions and do the necessary homework because it’s crucial to your career and livelihood.
It’s a difficult job market at the moment. If you’ve been let go or you’re unhappy in your current role, you may feel anxious to move on quickly. Nothing wrong with pressing down on the gas. However, avoid moving from one bad situation to the next. Have confidence in your abilities. Respect yourself and demand that you’re joining a team with strong leadership, a sound strategy and a deep need for your talents. Set yourself up for success.