344: State of product management performance in 2021 – with Greg Geracie

Learn what sets successful product management teams apart Today we are talking about a recent study that gives us insights into what’s going on in product management and product management teams. For several years, our guest has conducted the Study of Product Team Performance. The one for this year was rather different as it reflected on the impact of the COVID Pandemic, which we’ll get into in just a moment. Returning with us is Greg Geracie the CEO of Actuation Consulting, a global provider of product management training, consulting, and advisory services to some of the world’s most well-known organizations. I’ve known Greg for several years, as we both volunteer with PDMA, the Product Development and Management Association. Summary of some concepts discussed for product managers [2:08] What is the purpose of the Study of Product Team Performance and how was it different this year? The study researches the factors that differentiate successful product teams from the rest of the pack. This year, we focused on the impact of COVID-19 on the performance of product teams. Our goal was to capture what we’ve learned from the pandemic and help our clients and followers better understand its impact on product team performance, so they can make better-informed decisions in the future. [3:45] What types of companies and industries participated in the study? Companies of all shapes and sizes from around the world participate in our research. For this study: * 49% of survey respondents work in the technology industry * 22% in the services industry * 13% in consumer products * 4% in education * 1% in government * 11% in other industries The revenue of survey respondents varied: * 35% of our respondents worked for companies with revenue less than $50 million * 37% worked for companies with revenue between $50 million and $2 billion * 28% worked for companies with revenue over $2 billion Additionally, over 55% of our respondents were product managers, which was a larger percentage than in the past. [5:54] What highlights would you like to share about the study? [5:54] Remote-first mindset We discovered four key findings. First, survey respondents espoused a remote-first mindset. They believed their organization should be designed with a remote-first mentality and operating structure. Respondents described their organizations as rigid and against remote work, but during the pandemic they saw how working from home could be highly effective. They saw that COVID had changed the mentality of organizations in a way that wouldn’t have happened otherwise, and the lesson many people learned is that organizations need to perpetually experiment with remote technology and collaboration tools before a pandemic or other event forces change. Remote working does not extend equally to all industries. Education, academics, and financial services lead the way in transitioning to remote work, while food service, retail, and construction were the lowest adopters. Respondents shared challenges that come with remote working. Internet connectivity was a problem for many. Process documentation and onboarding of new employees were challenges. Feelings of alienation and perceived lack of empathy from executives contributed to reduced productivity. Nineteen percent of employees struggled with being effective while working remotely, and many dealt with the loss of family members from COVID. Organizations need to keep in mind the impact of the pandemic on their employees at a personal level. [10:03] Importance of strategy Organizations with a clear view of their strategy found it easier to successfully pivot during the pandemic. In every study, we’ve found that strategy correlates with higher performance on product teams. This year,