Ridges, teeth & pins

... and PM hiring in a constrained job market

Do you know what happens when you insert a key into a lock?

Well, in a common pin-tumbler style lock, the lock comprises a set of spring-loaded pins (typically 5-6) of varying dimensions that collectively keep the lock in a locked formation. These pins drop into the keyway, and prevent the lock from rotating. In fact, even a single dropped pin can prevent one from being able to turn the lock. However, when you insert the right key into the lock, its precisely designed ridges & teeth glide through the keyway, push the pins up to their desired heights and allow the lock to turn freely.

More on the topic of locks & keys in a bit…

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PM, the non-exec, exec role

In recent months, I’ve had conversations with many talented folks in my network who are searching for new PM opportunities. The general sense I get from them is that, while there are more new PM roles opening up now than in the last 1-2 years, the competition for these roles is substantial and overwhelming (in terms of the raw number of candidates applying for any given role). Many of our discussions tend to focus on how they might stand out from the other candidates in the pool, in ways that will appeal to the hiring teams.

In a couple of these chats recently, I’ve caught myself sharing a sentiment that PM recruiting today feels similar to executive recruiting in some sense - even for IC roles, and irrespective of leveling. Here are some characteristics of exec recruiting that I am starting to see show up more in PM recruiting processes these days -

• The recruitment strategy is curated & highly selective. Companies tend to narrow-in and evaluate only on a handful of candidates, even if the potential candidate pool on paper is quite large.

• The hiring process is extensive, and goes both broad and deep. As leadership roles are high-leverage and the cost of a mis-hire is high, every aspect of the potential match is pressure-tested - from strategic clarity, to functional skills, to business acumen, to deep alignment on culture & values, to past track record, positive references, etc. The org is not just looking for a qualified person - they are intently seeking to de-risk the hire.

• The mutual fit & rapport with the extended leadership team is paramount. The candidate needs to not just be a strong leader for their function - but they need to be able to work excellently with a specific group of peers.

• The executive is not just hired to do a specific job, but is often seen as a catalyst for a specific type of change that can elevate their organization. Often (though not always), this need for change is motivated by problems that their predecessors was unable to address effectively - or sometimes created by them!

I’ve often asserted that the PM role is, definitionally, a leadership role. In modern times, this has become even more evident to me with the way that companies and the PM role have evolved. Companies are getting leaner, and product orgs are now smaller in numbers - but operating with wider spans of responsibility and more surface area. Principal and very-senior PM roles have become more commonplace. The general expectations of the role of Product Leaders and PMs have mostly expanded in recent years ex: owning P&L and business outcomes, rapidly learning & utilizing newer technologies (AI) and/or evolving their normal ways of working (ex: “founder mode”). So while the metaphor certainly isn’t perfect, it is still helpful to clarify why PM hiring these days looks and feels different than a few years ago.

The ‘inefficient’ PM job market

In the PM job market today, there are challenging dynamics at play on both sides of the marketplace that are complicating the recruiting process & hiring experience for both sides - even if this is happening implicitly, or is not super obvious to the other side. The dynamics below lead to some inefficiencies and ‘irrational’ (though understandable) behaviors on both sides -

1. Candidates have a heightened need to differentiate themselves from the rest of the candidate pool, and need to be especially creative in how they do so early in the process (the ‘top of the funnel’). But in the face of what can feel like overwhelming odds and opaque interview slates - many candidates resort to casting a wide net in terms of applications, and risking “spraying-and-praying” their approach in ways that are costly to them from a time, effort and emotional investment perspective.

2. Hiring teams have a heightened need to hire well. Headcount is at a premium, and the open roles you see are often mission-critical, highly visible roles and/or are backfills being hired against in challenging circumstances for the team. Theoretically, in a ‘supply-constrained’ state, these hiring teams should feel empowered that they can pick the cream-of-the-crop in terms of talent and fill roles quickly. In practice, they are often risk-averse, cautious and worried. In fact, I personally know hiring managers & recruiters who feel unconfident about the quality of their pipeline, despite having 1000s of inbound applicants!

These concurrent market dynamics make an already hard problem (hiring and getting hired) even more challenging - for all participants. But especially if you are in the process of looking for new opportunities right now, it’s important to recognize this pattern, and adapt your approach accordingly. And the best way to do this, in my humble opinion, is to fully embrace the executive (i.e. you) in how you search.

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Applying the ‘exec’ mindset to your search

Let’s go back to locks and keys.

Even more than other functional roles (design, engineering, sales, marketing…), a PM role is analogous to a bespoke, complex lock system. Each pin in the lock reflects a discrete need for that PM… a talent, skill or mindset that is critical to unlock the full potential & impact of the product & team they serve. One pin might be around strategic acumen, another might be about domain expertise, another may be about the ability to fix specific team dynamics proving to be challenging and yet another might be about ability to influence upwards & outwards. There are numerous facets to a successful PM and thus so many potential pins! And while the general design & nature of these pins can be similar from one lock to another - the variance tends to be in the specific layout and configuration of the pins.

The natural extension of this metaphor is to then understand that every PM role has a (theoretical) perfect key that matches the design of that specific lock. The one with the right design and dimensions that align with it. In today’s PM job market, most hiring teams are not just looking for functional, viable keys. They are looking for the keys that will most be most likely to fit their specific locks. The keys that will seamlessly slide into their lock system, push the specific pins up against the tension of their springs - and ultimately unlock it.

There are a number of implications from this, in terms of how you might approach your job search -

• You need to differentiate yourself in ways that make it evident to the hiring team how you are the perfect unlock for them. This goes beyond representing your experience & profile as best as possible, or standing out from others. You need to deeply understand what they are actually looking for - the lock - and leverage the recruiting process to prove your unique skills, traits & characteristics that make you their key.

• The specific design of the lock is opaque, especially early in the recruiting process. While job descriptions can give you a sense of what the needs of the role are, you need to use other means (ex: simulation, back-channeling and connecting informally with folks at the companies you’re considering, asking insightful questions during the interview process, etc.) to understand the true needs of the team. This allows you to determine how well you may fit, and identify the places you need to refine or chisel yourself to be an even better fit.

• Be patient with the process, and kind to yourself. Just as a locksmith takes time to understand a lock's mechanism before crafting the perfect key, recognize that finding the right fit requires investment in understanding each opportunity deeply. This might mean fewer applications but more meaningful interactions through the process. And not all rejections or false starts through the process are a reflection on you!

• Avoid the ghost/skeleton key trap! Skeleton keys are ones that have been filed down to their most basic forms, to somewhat fit as many locks as possible, without being the best fit for any of them. They succeed by fooling low-quality locks into accepting a simplified version of what they really need. The skeleton key is utilitarian, without the precise edges and grooves that make keys truly unique. And similar to how modern locks have become more complex in response to the vulnerability that skeleton keys present, you can expect hiring teams to be skeptical of filed-down, general purpose PM applications. This is also why, while it makes sense for you to cast a wide net of applications, the extreme of 'spraying-and-praying is a bad strategy.

I appreciate that the way the job market has evolved - one that prioritizes more precise fit & alignment - can feel daunting. But in reality, this dynamic presents an opportunity for you too. You can be strategic and intentional about where you apply your unique edges & grooves, and better understand the locks you really want to open. You don’t need to stress about being a good match for many locks, but you can channel your energy where the fit is best. And you can be increasingly creative about ways to align the lock and the key.

All the best!¹

1. For anyone reading this - feel free to reach out directly below if I can be of any assistance in your job search!