The Product Management job market has slowed in 2025-6, but companies are still investing in the PMs they have.
Hiring is down 14%, attrition has dropped 13%, and Product Managers are staying in roles longer than ever.
But median salary increases for Product Managers sit at 5.2% this year – outpacing most other functions – and promotion rates remain relatively stable. Companies are prioritising retention and rewarding their existing Product teams, even as they pull back on external hiring.
Here's what Ravio’s data shows on Product Manager salaries across European markets – including how pay differs by location and funding stage, plus the hiring and compensation trends shaping the function.
The average salary for a Product Manager is £67,000 (Ravio 2026 Compensation Trends report).
This is the median salary as per Ravio's salary benchmarking data, for a UK-based P3 Established Professional Product Manager – a mid-level professional who has in-depth knowledge of their discipline, works independently with minimal guidance, and has a moderate impact on the success of their discipline.
Product Manager salaries in the UK increased modestly in 2025, up 1.7% from £65,900 in 2024. This continues a trend of slowing salary growth, with 2024 having seen 6.5% growth from 2023's £61,900.
The slower growth in 2025 suggests Product Manager salaries are stabilising after the stronger increases seen in previous years.
The average salary for a Senior Product Manager is £109,100 (Ravio 2026 Compensation Trends report).
This is the median salary as per Ravio's salary benchmarking data, for a UK-based M3 Senior Manager Product Manager – a role providing leadership to other managers, accountable for the results of a team.
Senior Product Manager salaries in the UK saw modest growth in 2025, up 2.6% from £106,300 in 2024. This marks a recovery from 2024's 2.5% increase, and more notably, a return to positive growth after several European markets (Netherlands, France, Spain) experienced declines in M3 Product Manager salaries in 2024.
Product Manager salaries vary significantly across European markets, with the UK maintaining the highest median salaries whilst Spain has the lowest.
Ravio's 2026 Compensation Trends report highlights that most European markets saw modest growth (1-2% range across all markets) in median salaries in 2025, significantly slower than the previous year.
Sweden stands out as the exception, continuing to see strong growth in the median salary benchmark at +5.5% – building on the 12.7% growth seen in 2024.
All countries recorded increases between 2.6-2.9% at the M3 level, with only Sweden higher at 6.8%. This marks a recovery from 2024 when the Netherlands, France and Spain all experienced declines in median market salary for M3 Product Managers.
Unlike Software Engineering salaries, where lower-paying markets are catching up with higher-paying ones, Product Management salaries are maturing uniformly across European markets.
Product Manager startup salaries increase consistently as startups progress through funding stages, reflecting company maturity and ability to pay competitive rates.
Late-stage companies (Series C+, IPO) pay approximately 14% more than early-stage companies (pre-seed, seed) for mid-level Product Managers, and 34% more for senior Product Management roles.
For mid-level Product Managers, median salaries are:
Product Manager salaries have increased modestly across all funding stages in 2025, with growth and late-stage companies seeing slightly higher increases (2.3%) compared to early-stage (1.8%). This consistent pattern maintains the typical salary differential as companies scale.
For senior Product Management leadership, median salaries are:
Senior Product Manager salaries have seen slightly stronger but equally uniform growth across all stages in 2025. This stability across funding stages continues the pattern from previous years, with late-stage companies maintaining their established premium for senior Product Management talent.
Companies are balancing cautious hiring against continued investment in existing Product Management teams.
For the Product function:
The combination of lower hiring rates and improved retention suggests that companies are hiring more cautiously, and that Product Managers are staying put in their roles.
It’s likely that employees are prioritising job security after several years of volatility and layoffs in the tech job market. However, the lack of new job opportunities available (shown by the lower hiring rates) could mean that some Product Managers start to feel stuck in their current roles – so those higher retention rates might actually become problematic over time.
For the Product function:
Despite the hiring slowdown, companies continue investing in existing Product Managers.
Salary increases outpacing the market standard and relatively resilient promotion rates signal that Product Management remains strategically important, with companies treating Product as essential rather than expendable – which could explain why retention in the Product function is looking healthy this year.
Product Manager salaries sit in the middle-to-upper range of tech salaries. For P3 (mid-level) roles in the UK, Ravio’s latest Compensation Trends report indicates that Product Managers earn £67,000 compared to Software Engineers at £70,000 and Direct Sales at £52,800. At the M3 (Senior Manager) level, Product Managers earn £109,100 compared to Senior Software Engineers at £110,200 and Senior Direct Sales at £90,700.
Overall, Product Management commands competitive salaries that reflect the strategic importance of the role in driving product strategy and cross-functional collaboration.
Product Managers are well-compensated relative to the broader tech job market, with mid-level PMs earning £67,000 and senior PMs earning £109,100 (Ravio 2026 Compensation Trends report, published October 2025).
Within the tech sector specifically, Product Management sits in the upper-middle tier – earning slightly less than Software Engineering but more than most non-technical functions. The role commands a premium due to the combination of strategic thinking, technical understanding, and stakeholder management required.
Product Managers in the UK earn £67,000 at the P3 (mid-level) and £109,100 at the M3 (Senior Manager) level as of 2025 (Ravio Compensation Trends report, October 2025).
Salaries increased modestly in 2025 – up 1.7% for P3 roles and 2.6% for M3 roles. London salaries typically run slightly higher than the UK average. Product Manager salaries vary by funding stage, with late-stage companies paying approximately 14% more at P3 level and 34% more at M3 level compared to early-stage startups.
Reliable Product Manager salary benchmarking data comes from real-time compensation platforms like Ravio, which draws from direct HRIS integrations, unlike point-in-time annual salary surveys. Ravio provides global Product Manager salary data, across all job levels and funding stages, with data drawn from hundreds of thousands of employees across 1,500+ European tech companies.
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