Product Management: What is happening around us?

By Posted on : 23 Oct 2018 0 Comments

So what exactly did the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry uncover? For those wanting the full run down, the Commissioner, the Honourable Kenneth Madison Hayne AC QC submitted an interim report on the 28th of September 2018 which can be found here.

The post Royal Commission Review landscape for financial services product managers has no doubt become a tricky one to navigate. The Financial services industry in Australia has truly become the focal point of media scrutiny following the exposure of some undesirable business practices in our space.

This has also impacted the financial services employment environment. Firstly, we are seeing an increase in job briefs where the JD includes strong technical knowledge to deal with the fallout of the Royal Commission. Secondly, there is a general increase in scrutiny, whether that be on the candidate themselves, pay levels or budgets. Employers are in a state of hypervigilance when it comes to hiring and managing their teams. For me personally, I have to look at my network and really commend and admire the resilience of so many people in the product community!

Working closely across a variety of industries, companies, hiring managers and candidates on a daily basis, I believe the team at Parity Consulting have a diverse and unique perspective of the product management marketplace. Our general consensus on this is that no one in the product management space has had it easy in recent years, and unfortunately, it does not look like there will be any easing of this pain in the short term as we deal with the aftermath of the Royal Commission.

Despite all this, the importance of the role product managers play and their reputation within the industry has not been diminished. We are continuing to see high demand from clients, with more emphasis placed on ethics and experience than ever before. If anything, I feel the importance placed on Product by organisations will continue to grow, along with Risk and Compliance.

We are also seeing a significant increase in hiring mangers looking to hire candidates with the right FIT and POTENTIAL rather than just looking for the perfect match in skill set, which as a recruiter I think is a fantastic approach.

Product managers are being looked to for both guidance and support – and whilst the occupation does already lend itself to wearing many different hats, I believe that going forward as an industry, to be successful within Product you will have to be both resilient and adaptive with what your role will entail. I’m looking forward to seeing how the role and responsibilities of the product manager will evolve and change with time!

 

Alex Macpherson is a Specialist Recruitment Consultant in the Wealth and Asset Management space in Product Management and Product Development. Contact her for a confidential discussion on +61 410 001 819 oramacpherson@parityconsulting.com.au

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