How to hire the perfect pm or pmm contractor
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Are you leveraging contractors to help you accomplish what your Product Management or Product Marketing organization needs to accomplish? Contractors can be an excellent way for you to get work done without having to hire a new full-time employee. They can be used in a variety of circumstances, such as supplementing your staff, doing project work, filling in for employees on leave or even doing work while you are recruiting to find a full time person. However, finding and hiring a GOOD contractor can be a lot of work if you haven’t done it before. This webcast will show you how to find and hire the PERFECT contractor to do your interim Product Management and Product Marketing work. Learn what to look for and how to go about hiring a good contractor and also what the biggest mistakes are that companies make so that you can avoid any problems.
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How to hire the perfect pm or pmm contractor
- 1. © 2017 280 Group LLC 1 AIPMM Webinar Series How to Hire the Perfect Product Management or Product Marketing Contractor These slides are protected under copyright law and may not be reproduced, distributed or used to create derivative materials.
- 2. © 2017 280 Group LLC 2 Brian Lawley CEO & Founder - 280 Group, LLC Our Speaker
- 3. © 2017 280 Group LLC 3 • About 280 Group • How to Hire the Perfect Contractor – When/Why to use a contractor – Typical tasks performed – Structuring the work plan – Finding the contractor – What to look for – Typical rates – Contractor checklist – Gotchas – common mistakes Agenda What it means to be Lean from a PM perspective
- 4. © 2017 280 Group LLC 4 Why Are We 280 Group? About Us
- 5. © 2017 280 Group LLC 5 We help companies and individuals do GREAT Product Management and Product Marketing using our Optimal Product Process™ framework. Mission About Us
- 6. © 2017 280 Group LLC 6 Free Resources and Optimal Product Process Book www.280group.com/signup
- 7. © 2017 280 Group LLC 7 • About 280 Group • How to Hire the Perfect Contractor – When/Why to use a contractor – Typical tasks performed – Structuring the work plan – Finding the contractor – What to look for – Typical rates – Contractor checklist – Gotchas – common mistakes Agenda What it means to be Lean from a PM perspective
- 8. © 2017 280 Group LLC 8 • More work than you can handle • Don’t have FTE budget • Workload is temporary – Maternity leave – Sabbatical – Leave of absence • While you are looking for perfect FTE When and Why to Use a Contractor
- 9. © 2017 280 Group LLC 9 Hiring the “Perfect” FTE takes time In the 12-20 weeks it takes to get someone on board your products may be neglected and/or put on the path to failure. And the new FTE may be set up for failure Posting the job, sorting resumes, first and second round interviews, making offer, negotiating, offer accepted Offer accepted: 6-8 weeks (optimistically) Wrapping up their old job, time off in between, etc. FTE starts: 2-4 weeks Getting acclimated, learning the products, market and company, fighting fires and crises that have come up due to no PM/PMM in place FTE fully functioning: 4-12 weeks
- 10. © 2017 280 Group LLC 10 • Get work done in the meantime • Product stays on track • Hiring manager’s time freed up to focus on hiring • Contractor gets FTE up to speed very quickly With a Contractor You Avoid the Problems
- 11. © 2017 280 Group LLC 11 • Market research • Competitive analysis • Business cases • Profit and loss analysis • Customer research • End of life • Market requirements • Product requirements • Product roadmaps • Feature prioritization • Running beta programs • Customer councils Typical Product Management Work Consulting & Contractors
- 12. © 2017 280 Group LLC 12 • Product launches • Sales tools • Positioning • Pricing • White papers • Reviewer's guides • Product demos • Competitive tools • Customer testimonials • Success stories • Features and benefits/USP • Press tours and materials • Presentations • Training materials Typical Product Marketing Work Consulting & Contractors
- 13. © 2017 280 Group LLC 13 • Projects and Deliverables – Time consuming to define – Becomes more of a consulting engagement – Likely to change • Hourly/Monthly rate – Dedicated PM/PMM as part of your team – Onsite/Offsite/Combination – Track and report hours/accomplishments weekly • Combination – Create draft high-level list of deliverables desired – Contractor comes in hourly/weekly as part of team – Mutually agreeable work plan created during first week – Check in weekly to adjust plan/priorities if necessary Structuring the Work Plan
- 14. © 2017 280 Group LLC 14 • Craigslist, other online or your personal network • Results vary widely • Don’t understand how contracting works – more time to onboard • Lots of “vetting” required • Not able to switch contractors if necessary • Lots of “B” players who can’t find work • Many people claiming they are contractors but looking for FTE – will quit the project suddenly if they receive an offer • Lots of possible things can go wrong, no insurance or business license, may not pay estimated taxes, may claim they should get employee benefits, etc. Finding the Contractor – A Few Methods
- 15. © 2017 280 Group LLC 15 • Agency like 280 Group • Known entity • Established reputation • Pre-screened excellent team • Large pool to choose from • Available immediately • Insurance, taxes and legal items taken care of Finding the Contractor – Using an Agency
- 16. © 2017 280 Group LLC 16 • Hire someone VERY experienced • Junior contractors = junior-level results/problems • Leverage experience from their career • Less/no need for oversight • Can pick up domain/market VERY quickly • Leverage methodology – Optimal Product Process – PM Office Templates What to Look For in the Contractor
- 17. © 2017 280 Group LLC 17 • Rule of thumb is 3X FTE salary to cover down time and other costs of being self-employed • Only able to bill 1000 hours – other 50% business development • Many costs: Insurance, benefits, self-employment taxes, marketing costs, LLC fees, disability, etc. • Anyone who charges less WILL go out of business Typical Rates FTE Salary 150,000$ Total cost with employee benefits, etc. - add 25% 187,500$ FTE Pay Per Hour (2080 work hours in year) 90$ Contracting rate at 3X total cost 270$
- 18. © 2017 280 Group LLC 18 • Duration of contracting assignment • Termination clause(s) • Payment terms (net 30/60/90) • Onsite/Offsite flexibility • Attractiveness of work being done Rate Variables
- 19. © 2017 280 Group LLC 19 Contractor Checklist
- 20. © 2017 280 Group LLC 20 • Hire the cheapest contractor you can find • Choosing someone who isn’t really a contractor • Trying to define deliverables completely up-front • Not checking chemistry/rapport Gotchas – Common Mistakes
- 21. © 2017 280 Group LLC 21 • When/Why to use a contractor • Typical tasks performed • Structuring the work plan • Finding the contractor • What to look for • Typical rates • Contractor checklist • Gotchas – common mistakes Summary What it means to be Lean from a PM perspective
- 22. © 2017 280 Group LLC 22 Upcoming Webcast Next Webinar January 2018 Watch Your Email For the Next Topic AIPMM Webinar Series: http://aipmm.com/aipmm_webinars Topic Suggestions: support@aipmm.com Announcements: http://www.aipmm.com LinkedIn: http://www.linkedin.com/company/aipmm Membership: http://www.aipmm.com/memberships Certification: http://aipmm.com/html/certification/