Our guide to attracting and retaining New York product talent in 2023

Searching for New York product talent will be different in 2023. Hiring levels will not be the same as they have been in recent years. The skill set is still new, so we saw unsustainable demand for product talent over the past two years. However, as the skill set becomes more established, we expect to see a calmer approach to recruiting product talent in 2023.  

So, what should New York businesses be doing to hire and retain Product Managers in 2023?  

Why it’s crucial for New York businesses to strategize their product recruitment efforts 

Over the past three years, the product management skill set has seen astronomical growth as many businesses start truly investing in teams for the first time. This combined with the large amount of investment in FinTechs resulted in bloated teams and, as we saw at the end of 2022, large-scale layoffs. It has never been more important to strategize recruitment efforts in order to build successful, long-lasting product teams. Salaries and compensation packages should play a significant role in every New York business’ staffing plans.

There have  been several updates to salaries that organizations need to be aware of... 

• We predict that salaries will flat line in 2023 as we see hiring rates return to normalized levels. According to LinkedIn hiring rates slowed by 13% between September 2021 and September 2022 in the US. 
• The Salary Transparency Law has changed the way New York recruitment works. Now, New York-based companies will need to regularly benchmark salaries across the market as this information has become far more accessible to employees. 

We've put together our product salary guide to help organizations strategize effectively. 

Download our product salary guide here to find out what New York employers should be offering Product Managers... 

Our product management salary guide covers bonuses and permanent salary brackets for a wide range of product roles, from Product Owner all the way through to SVP of Product.  

To receive more personalized advice about your organization’s product employment needs, get in touch with Owen Dearn, our expert product employment consultant. You can contact him at owen@3search.io 

How to approach product management recruitment in New York 

We're seeing new innovative products in the FinTech, payments, and open banking spaces. In an already crowded market, product hires are crucial to the success of these organizations, so how do you approach product management recruitment? 

The product skill set is still very new, and many companies are still trying to understand how to get the most out of their team, if the skill set works for them and if it’s profitable.   

We recommend that New York companies take time in Q1 to take stock of the previous year. Consider how their product performed in 2022, the impact that the product team had (or will have) and identify any future growth opportunities. We expect to see hiring pick up again later on in the year. 

Read our full New York hiring report 

Looking for more advice about attracting, retaining and recruiting top marketing and product talent in 2023? Check out our full report, “How to Hire in New York: What marketing and recruitment will look like in 2023”.  

The full report intends to assist New York organizations with their 2023 employment plans across every digital skill set, from digital marketing to social media & content, from demand generation marketing to product management. This report includes everything from the skill sets that employers should be prioritizing, to the compensation packages that New York employers should offer in order to attract and retain marketing and product talent.