Looks like hiring in the Indian economy is growing again. E-commerce biggies such as Flipkart and Amazon are also making big bets on India. And with intense competition for top quality engineering talent, salaries in a few marquee firms are again shooting up. [ Note: the last is mainly based on anecdotal evidence] Lastly, there is a consensus that salaries in the IT industry will rise this year for most employees.
So does the software product manager also win by changing jobs or asking for a big hike in his firm?
If you are working in this field, you may already know the answer. There are multiple factors at play here which may prevent you from the list of people getting double-digit pay-hikes. These include
- The company’s performance
- The salary levels and job levels at the company you are targeting
- The internal salary grade you are at
- Your compa-ratio
- The annual performance review
- Performance of your business unit/group
Based on the factors listed above, you can peg your expected compensation growth as a product manager, even if the market for technical talent is heating up.
At the high end, I have heard of product managers earning 40 lakhs (total compensation), who got no pay hike for 4+ years, after changing multiple jobs to reach this level. I also know of product managers who have seen a compensation growth from 16 lakhs to 42 lakhs in 6 years in the same firm.
It is not difficult to then make a case for either staying in your current firm, or for moving to another job, based on a 3-4 year income projection from the current job or the target job in a new firm. Of course, such a skilled person also has international mobility, and can always move to an economy where he would earn more, but that is a different story.