The post‑pandemic reshuffle in product hasn’t cooled. According to our 2025 Product Industry Report, 67% of product professionals have switched employers since 2022, and 46% say they plan to move again in the next 12 months. Among those who moved, 45% secured a pay rise of 10% or more. The data makes it clear: mobility is still high, pay rises are real, and hiring teams who move slowly risk losing out.
Why are people moving
1) Slow internal growth. External moves remain the fastest path to a pay increase, with nearly half of movers reporting a double‑digit uplift.
2) Scope and ownership. Senior ICs and leads want to own problems end‑to‑end, not just ship slices of a roadmap.
3) Culture and flexibility. Forced attendance policies without a clear ‘why’ are driving churn – our data shows fully on‑site PMs report the highest intent to leave.
What this means for hiring teams
- Speed is strategy. Compress interview loops to 2–3 stages. Swap lengthy take‑homes for collaborative working sessions. Give same‑day feedback and 48‑hour offer windows.
- Sell the work, not just the company. Candidates want to know the product mission, decision rights, constraints, and the first 90‑day success plan.
- Fine-tune compensation. Use market‑aligned bases and reserve room for 5-10% stretching for exceptional candidates. Add outcome‑based bonus and clear equity stories for senior roles.
- Run “stay” interviews. Ask top performers what would make them leave – then fix it.
A sample retention checklist
- Quarterly development conversations tied to a published career framework.
- Visible promotion criteria and timelines.
- Hybrid policy explained by team, not a blanket mandate.
- Mentoring for first‑time managers and new tech/product leaders.
- Mid‑cycle pay reviews for flight‑risk talent.
If you’re losing PMs to faster or more competitive offers? We’ll help you benchmark, scope and close your next hire.