What are the salaries Product Managers are taking home annually in 2022?

Product managers or PMs are responsible for identifying customer needs and business objectives associated with the product while simultaneously maximising the return on the investment.

They are the people who connect customer requirements with business strategies and design knowledge to develop a product. PMs mainly work as a part of the product team but could have extended roles based on the organisation.

The product team involves Product Designers and Product Developers responsible for drawing designs, testing prototypes and identifying bugs. PM’s role in the team includes defining the problems to solve and distributing information to everyone in the team. Together, they drive the product vision and guide the team to achieve it.

While the demand for product managers is growing in 2022, product management salaries are rising. In this article, we’ll discuss the annual salaries of product managers in 2022. But before that, let’s look at the responsibilities this role entails.

Product Manager Salary: Valuable Skills, Average Salary, and If They're  In-Demand

Responsibilities of Product Managers

Here’s a complete breakdown of a PM’s typical set of duties and responsibilities:

Conducting Market Research

A person in a typical PM role is to spend a more significant part of the career studying the market. That makes sense since, to develop new products, you need to know what the audience wants.

Brainstorming Ideas

Once product managers identify the gaps in the market, they come up with fresh and innovative ideas for new products. At the same time, their focus is also on finding room for improvement in the existing products.

Developing Business Cases

Another crucial responsibility requires them to build strong cases in favour of their ideas by leveraging the research data. Convincing C-level executives is the goal behind this. That being said, this does not apply to every PM. In that case, they can focus on creating pitches for investors.

Designing the Products

The product manager oversees the product’s design based on what the market wants. This involves determining various elements, including the main features, the packaging (for products), the interface (for software) and more.

Developing Marketing Strategy

Taking into account all the costs involved and the competition, PM creates an appropriate pricing strategy. In addition, they also plan smart marketing strategies to promote their new product.

Collaborating with Multiple Departments

A PM is supposed to be a great team player. To ensure success, they may need to collaborate with other departments, including engineering and finance.

Product Manager Salary in India

Product management salary varies from industry to industry. According to Glassdoor, the average salary of a product manager in India is INR 1450000 per annum. Few statistics provided by payscale.com on product management salary in India says

• The average Product Manager’s salary for a fresher is INR 912329 per annum.

• The average entry-level Product Manager salary is INR 1313419 in a year.

• A Mid-career Product Manager earns an average salary of INR 1776152 per annum.

• The average salary for a Senior Product Manager is INR 21660039 per annum.

These numbers may vary depending on company, experience, location, and skills. Below is the list provided by payscale.com about the average PM salary in India based on different software companies.

Amadeus India Pvt Ltd: INR 23,24,731

SAP Labs India: INR 20,00,000

Oracle: INR 18,75,000

Dell Inc.: INR 14,00,000

GlobalLogic: INR 8,25,000

Even the starting pay for a product manager role is quite high. So, if you are looking for a career in product management, there are certain skills you need to have to fulfil the responsibilities mentioned above. Product management courses in India are worth considering for equipping you with the required knowledge and skills.

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