Utah Product Guild

Last month, I announced my inaugural compensation survey and the first set of results are in. Louise Beryl and I analyzed just over 5,000 survey responses (maybe the biggest compensation survey of its kind?), and the first set of takeaways is clear: 1. Cash is king 2. Employees are increasingly skeptical of equity 75% of respondents selected salary over equity as their top priority during negotiations. This was surprising, given that in the tech sector, FAANG (aka the Magnificent Seven) stock has historically been lucrative and startup equity has been seen as the path to life-changing wealth. Just 13% of respondents selected equity over salary, while 4% highlighted several other considerations beyond salary or equity. Our takeaway from qualitative answers is that after Covid, years of inflation, and a potential recession, people are ultimately looking for stability. They need to meet the demands of life, and many have experienced setbacks that make them approach compensation offers more practically than we anticipated. “Cash is king”—This phrase was echoed repeatedly by respondents in explaining why salary was their main priority. The predictability and security of a stable paycheck are vital. “Salary is guaranteed. Equity is not. I need cash to pay the bills,” noted one IC engineer at a late-stage fintech startup. Even an executive in product at a series B company put it, “My base salary is what I use to live life, and bonus/equity/etc. are not guaranteed.” Equity, once considered the golden ticket to long-term wealth in tech, is now viewed more cautiously. Many respondents noted that they have had experiences where equity did not yield the expected returns, leading them to prioritize salary as the safer, more reliable option. A veteran senior director of product with 10-15 years of industry experience reflected: “Never had equity turn into anything in the past but hopes and dreams.” The experience of financial downturns, layoffs, or startups with no liquidity events has led many to prioritize cash, which offers immediate value over future uncertainty. The sentiment that “equity is a lottery ticket” captures the general mistrust and preference for the immediate, tangible benefits of a strong base salary. “Equity is Monopoly money,” quipped a female VP/head of product at a series C startup in the U.S. Is this equity skepticism a new trend? Since this is the first time we ran this survey, we can’t definitively say. However, anecdotally, from our experience in the tech world in the past 10 to 15 years, this narrative feels markedly different from the wisdom we used to hear: “Be a missionary, not a mercenary. Maximize your chance for life-changing wealth and ask for more equity.” For more takeaways and surprises, don't miss the full post: https://lnkd.in/gr6CcQbn

Starting conversations about compensation with peers can be hard. That’s why… I did it for you. I surveyed 130+ Product Management professionals based in Utah, asking questions about salary, bonuses, equity, and demographics. I collected this data, cleaned it, and performed statistical analysis to be able to report on some interesting insights! ??How much do Utah Product Managers make? ? How many years of experience do I need? ??Should I go back to school or just keep working? All these questions and more are covered in my report. Check it out!! If you find it interesting or of value, PLEASE SHARE THIS BROADLY! Would love to hear people’s thoughts and get even more people involved in the future! HUGE shoutout to Utah Product Guild for sponsoring this survey and providing the community and network to get such great participation. UPG members got access to this survey last week and having already been having some great discussion about the results. If you’re a PM professional in Utah, make sure to join the UPG Slack group for great discussions and even better community! https://lnkd.in/gSf3QsDf

?????? CALLING ALL PRODUCT MANAGEMENT PROFESSIONALS LOCATED IN UTAH OR WORKING FOR A UTAH-BASED COMPANY ?????? I am leading an initiative for the Utah Product Guild (UPG) to anonymously collect and then report on Product Management compensation for individuals located in Utah or working for a Utah-based company! (Link to survey in the first comment!) UPG has 400+ registered members that we are tapping into to try and get as many responses to the survey as we can. AND WE WANT YOU, TOO! - The goal - We hope the responses from this survey will reveal insights that help UPG members feel more confident about their compensation, expose areas of leverage to help secure fairer compensation, and/or help shape career roadmaps. - What to expect - The survey will cover 5 topics: ??1. Your base salary ? 2. Other compensation, such as bonuses and?stock/equity ??3. Offered benefits and PTO ??4. Professional demographic questions ??5. Personal demographic questions All responses will remain anonymous! If you'd like to contribute to this initiative, use the link in the first comment! Want to see the results of the analysis? Make sure you join the UPG Slack group, where they'll be shared! (Link also in first comment)