PSPO Job and Salary Scope to Expect in 2024

The Professional Scrum Product Owner role is constantly changing, and several Scrum Product Owner positions are projected to become available in the next years. Take a look at the Product Owner job path that Scrum teams provide. When developing new goods and services, businesses might employ the agile technique. This approach can assist a company in ensuring that they follow a systematic and controllable development process, increasing the value of their goods and increasing staff productivity. Professionals might seek a position as a product owner or pursue a leadership role in an agile system. To become one, you need to have a PSPO certification. In this post, we will go over what a Certified Professional Scrum product owner in an agile environment is and what salary and jobs come with it.

Brief About Professional Scrum Product Owner

Product owners in agile are business experts in charge of the product development process's management, strategy, and tactical execution. They collaborate closely with development teams and establish methods to meet the needs and preferences of customers to provide high-quality outputs. For the period of a product development process, these specialists may perform customer research, competitive analysis, and other administrative activities. 

They lead scrum teams, which are groups of specialists that collaborate to produce a new item by carrying out various phases of the development, design, and manufacturing process. Product owners are used in a variety of sectors, including banking, e-commerce, and retail, to supervise the production of new products and ensure that the scrum team considers the company's vision and standards from project conception to completion. 

The Professional Scrum Product Owner PSPO certification course is a two-day intensive training session that teaches you how to profit from software products and systems. The goal of the course is to assist participants in lowering the total cost of ownership of their goods and systems, which would be extremely beneficial to the firm. 

Through lectures and team-based exercises, participants gain and solidify this knowledge. From an Agile perspective on product management, the breadth of the Product Owner's responsibility in delivering a successful project becomes obvious. Our course is widely recognized training. Our certified Professional Scrum Trainers will lead this training. Both the PSPO I and PSPO II certifications will be covered in detail. PSPO I denotes a basic grasp of Scrum, whereas PSPO II denotes a more advanced understanding of Scrum. 

What Does a Product Owner Do?

A product owner is responsible for managing the development process and ensuring that everyone follows the processes necessary to build a successful product. Enroll in agile management courses and become a certified product owner. Determine a product vision, create, and prioritize each product backlog item, and design a roadmap for developers on the go. Let us take a closer look at what a product owner is responsible for.

Make a product vision statement 

A product owner is in charge of putting together a development team's execution strategy. This is the product vision they will have throughout the development process, which comprises customer requirements, intended objectives, timelines, and development standards. 

Product Backlog 

Another daily responsibility is to create, prioritize, and keep track of the product backlog. It is a list of tasks that the team has to do to achieve a specific goal. Throughout the product's life cycle, this list of activities must be prioritized and updated. When there is a need for product improvement or the demands of customers alter, the product backlog will change. 

Making a Strategic Plan 

To have good communication with the team, you will need to develop a roadmap. It provides a logical explanation for each activity and explains why they are doing what they are doing. This is also a daily responsibility of the product owner. 

Skills Required of Product Owners 

A suitable candidate for a product owner job should have a combination of technical and non-technical abilities, such as communication, logical thinking, team management, and analytic tool competency. 

Software Development in an Agile Environment 

Agile software development is a set of techniques for rapidly developing digital products in the software development process. These strategies entail creating solutions that change during the course of the development process. This implies that programmers learn to react quickly to change. 

Skills in Project Management 

A product owner must be able to manage projects. These abilities enable them to distribute duties, manage time, and prioritize activities in order to improve the development process. 

Framework for Scrum 

The Scrum framework is a subset of the Agile technique in which the team organizes the development process through a series of meetings, tools, and roles. The Scrum technique enables a company to be more productive and in control of its product, as well as more effectively deal with change. 

What Roles and Obligations Do Product Owners Have? 

Product owners may be in charge of a range of duties, including: 

1. Establishing a production plan: Product owners are responsible for developing plans and deadlines to guarantee that the project fulfills business objectives strategically and includes the organization's priorities. This enables team members to focus on initiatives that meet the company's short-term and long-term objectives. 
2. Creating a development plan: Product owners are in charge of developing a product development strategy, which involves defining the organization's offering, price, and distribution. This involves assessing the project's timeframe and determining which tasks the team can complete before moving on to the next stage of production. 
3. Communicating with stakeholders and team members: As organizational leaders, product owners supervise the communication with internal and external stakeholders, as well as scrum team members. They may be in charge of negotiating budgets, obtaining project financing, and performing solution demos. 

How to Become a Product Owner in Agile?

Conduct your research 

A product owner's role in the agile approach is to direct the work of their team. As a product owner, you may give leadership and help by developing excellent product ideas and consistently discussing them with the development team. If you are in this position, you should be well-informed and have full knowledge of product ownership tools and principles. 

Get professionally trained 

To become an agile product owner, your firm or team may need professional scrum or other applicable techniques training. Even if your company or scrum team does not need certain certifications, studying from other experienced experts may make you feel more equipped for this job. 

Build your community by networking with others 

Networking with like-minded experts may expose you to fresh ways and help you to motivate and inspire one another. You may be able to attend professional events electronically or in person by visiting product owner groups or conferences in your region. 

Obtain professional experience 

Employers may look for product owners and other leaders with substantial professional experience, so include your relevant job history on your resume or CV. If you are new to the sector, consider emphasizing the transferrable skills and competencies you have earned throughout your career, even if the jobs are unrelated to being a product owner. 

Product Owner Jobs Roles with Salary 

Job Role	Average Starting Salary (per month)
Project Manager	₹60,724
Product Analyst	₹42,367
Agile Product Owner	₹99,682

Top Reasons to Become a Product Owner in 2024

If you like working in the computer business and want to progress your career, being a product owner (PO) is a good choice. This occupation pays well and comes with a lot of perks. In 2024, here are some of the best reasons to become a product owner. 

Product owners are in great demand, according to the World Economic Forum, which adds to employment security and career options. 

Excellent compensation: According to PayScale, one of the key benefits of being a PO is the high income, which is often above $80,000. 

It is a leadership position: If you appreciate being in a leadership role and possess the necessary interpersonal skills, working as a PO provides an excellent opportunity to hone those talents and further your career. 

High levels of occupational satisfaction: The product owner's function is extremely important in a company since it has a direct influence on the firm's operations. They provide a direct line of communication between the development team and internal stakeholders. 

Start your journey to success with our PRINCE2 certification online training. Become a project management expert today!

Top Industries Hiring Professional Scrum Product Owner

The industries hiring for PSPO are: 

Company Name	Average Annual salaries offered
Cognizant Technology Solutions	₹16,36,841
Tata Consultancy Services	₹12,50,903
Accenture	₹13,86,660
Philips	₹28,49,716
Appster	₹14,94,122
Wipro	₹14,68,920
Danske IT and Support Services	₹28,60,000
Legato Health Technologies	₹21,92,994
IBM	₹13,96,168
Standard Chartered Bank	₹22,00,000

Source 

Where to Find Product Owner Jobs 

You can find Product owner jobs via 

• LinkedIn 
• Indeed 
• Glassdoor 
• CareerBuilder 
• Monster 
• FlexJobs 
• Google for Jobs

Or you can try the following methods: 

• Networking 
• Referrals 
• Job Boards and Career websites 
• Job Fairs 
• Company Websites 
• Cold Calling 
• Headhunters and Recruiters 
• Temping & Internships 

Skills Required for PSPO Jobs

The following are some crucial skills for a product owner to possess: 

Interpersonal communication: As the product owners are continuously sharing ideas with internal and external stakeholders, strong interpersonal communication is a critical quality for them to develop. They are also in charge of putting together, motivating, and managing teams and their positions may need them to communicate effectively. 

Decision-making: Because they can adjust and adapt components of the development process or product, product owners may benefit from being able to make clear and effective decisions. These specialists should be able to make rapid choices since scrum teams may look to them for direction and job delegation. 

Leadership: You may be in charge of leading teams of people and providing them with guidance, comments, and advice as a product owner. This means that having strong leadership skills may help you respond to employee questions and distribute and manage a variety of responsibilities. 

Conflict resolution: Product owners may find themselves in situations where stakeholders or scrum team members disagree, causing a halt in production and an inability to fix problems. This means that these professionals may use their conflict resolution talents to handle both internal and external issues swiftly. 

Conclusion

If you want to be a tech leader and have computer science and project management abilities, you should absolutely consider being a product owner. This is a career that involves logical thinking, dedication, and outstanding communication skills, all of which are rewarded with a high income and work stability. You can join knowledgeHut’s professional scrum product owner PSPO certification to become one.