How much do Product Managers make at Lyft? Salary and Benefits Breakdown (2023)
Looking to become a Product Manager at Lyft? Discover how much you can expect to earn with our comprehensive salary guide. Plus, learn about the benefits offered by the company.
Lyft’s company mission is to improve people’s lives with the world’s best transportation.
Lyft offers a range of services, including ride-sharing, bike-sharing, and scooter-sharing. They were founded in 2012 that operates in over 600 cities across the United States and Canada. The company has grown rapidly over the years and has become a leader in the transportation industry.
Product Manager role at Lyft
One of the key roles at Lyft is that of a Product Manager. As a Product Manager at Lyft, you will be responsible for driving the development of new products and features that will improve the user experience for both riders and drivers.
You will work closely with cross-functional teams, including engineering, design, marketing, and data science, to bring new products to market. The role of a Product Manager is critical to the success of Lyft, and the company is always looking for talented individuals to join its team.
Now let’s breakdown what you can expect to get paid as a Product Manager at Lyft…
Salaries by Level for Product Manager at Lyft
Below is a table of the salaries for each level of Product Manager at Lyft, sourced from Levels.fyi.
| Level | Total | Base | Stock (/yr) | Bonus | | — — — | — | — — — | — — — — — — -| — — — -| | T3 | $209K | $141K| $65K | $3K | | T4 | $295K | $169K| $123K | $3K | | T5 | $412K | $196K| $213K | $3K | | T6 | $603K | $223K| $380K | $0 |
Level T3 Product Managers at Lyft typically have 1–3 years of experience in product management. They are responsible for managing a small team and executing on product initiatives. The base salary for a T3 Product Manager is $141K, with an additional $65K in stock and a $3K bonus.
Level T4 Product Managers at Lyft typically have 3–5 years of experience in product management. They are responsible for managing a larger team and driving product strategy. The base salary for a T4 Product Manager is $169K, with an additional $123K in stock and a $3K bonus.
Level T5 Product Managers at Lyft typically have 5–8 years of experience in product management. They are responsible for managing multiple teams and driving product vision. The base salary for a T5 Product Manager is $196K, with an additional $213K in stock and a $3K bonus.
Level T6 Product Managers at Lyft typically have 8+ years of experience in product management. They are responsible for driving product strategy at a company-wide level. The base salary for a T6 Product Manager is $223K, with an additional $380K in stock and no bonus.
Overall, Lyft offers competitive salaries for Product Managers at all levels, with significant stock options and bonuses. As the level increases, the responsibilities also increase, with higher base salaries and larger stock options.
Salary Variation by Location
Salaries for Product Managers at Lyft vary depending on the location of the job. Here are some examples:
- San Francisco: Salaries tend to be higher in San Francisco due to the high cost of living in the area.
- New York: Salaries are also higher in New York, but not as high as in San Francisco.
- Seattle: Salaries in Seattle are generally lower than in San Francisco and New York due to the lower cost of living in the area.
- Los Angeles: Salaries in Los Angeles are similar to those in Seattle, but may be slightly higher due to the higher cost of living in the area.
- Chicago: Salaries in Chicago may be lower than those in San Francisco and New York, reflecting the relatively lower cost of living. They are, however, typically higher than in other Midwest cities, reflecting Chicago’s position as a major economic hub.
- Austin: Austin is a growing tech hub with a lower cost of living compared to coastal cities like San Francisco and New York. As such, salaries here might be lower than those in these larger cities but are often higher compared to the national average, reflecting the city’s vibrant tech scene.
- Boston: Boston has a high cost of living, though not quite as high as San Francisco or New York. Therefore, salaries for product managers at Lyft’s Boston office are likely higher than in cities like Seattle and Austin but lower than in San Francisco and New York.
- Denver: Denver’s cost of living is lower than in many coastal cities but has been rising with the city’s growth. Salaries here would likely be lower than in San Francisco, New York, and Boston, but potentially higher than in Austin or Chicago.
- Nashville: Nashville has a lower cost of living compared to many of the other cities listed. Consequently, salaries for product managers at Lyft’s Nashville office would likely be lower, aligning with the local cost of living.
It’s important to keep in mind that these are just general trends and individual salaries may vary based on factors such as experience and education level.
Career Progression at Lyft
Here’s a breakdown of the expected career progression at Lyft for Product Managers, based on their level:
T3 to T4
- Salary Increase: ~$86,000
- New Responsibilities:
- Leading a team
- Managing projects with multiple stakeholders
- Developing and implementing product strategies
- Contributing to the product roadmap
T4 to T5
- Salary Increase: ~$117,000
- New Responsibilities:
- Leading multiple teams
- Managing complex projects with cross-functional teams
- Developing long-term product strategies
- Setting goals and KPIs for the product team
T5 to T6
- Salary Increase: ~$191,000
- New Responsibilities:
- Leading product vision and strategy for Lyft
- Managing multiple products
- Driving innovation and growth
- Building and leading high-performing teams
It’s important to note that these are general guidelines, and actual career progression may vary depending on individual performance and other factors.
Top Benefits Offered by Lyft
Lyft is known for offering some of the best benefits in the tech industry. Here are the most important benefits offered by Lyft:
- Health Insurance: Lyft offers comprehensive health insurance to its employees, including medical, dental, and vision coverage.
- Unlimited PTO: Lyft provides unlimited paid time off to its employees, which means that they can take as much time off as they need without worrying about running out of vacation days.
- 401k Matching: Lyft offers a 401k matching program to its employees, which means that the company will match a portion of the employee’s contributions to their retirement account.
- Employee Stock Purchase Program (ESPP): Lyft’s ESPP allows employees to purchase company stock at a discounted rate, which can be a great investment opportunity.
- Transport Allowance: Lyft provides a transport allowance to its employees, which can be used to cover the cost of commuting to and from work.
- Free Meals: Lyft offers free meals to its employees, including breakfast, lunch, and dinner.
- Pet-Friendly Workplace: Lyft is a pet-friendly workplace, which means that employees can bring their furry friends to work with them.
- Remote Work: Lyft employees have the option to work from home or the office, or any combination of the two.
You can find more information about Lyft’s benefits on their Levels.fyi page.
Working Culture at Lyft
Lyft is known for its unique and inclusive working culture that fosters creativity and innovation. The company values its employees and encourages them to bring their authentic selves to work.
Lyft’s working culture is built on the foundation of collaboration, inclusion, and transparency. The company believes in open communication and encourages its employees to share their ideas and opinions. The work environment is fast-paced and dynamic, and employees are given the freedom to work on projects that align with their interests and strengths.
The company also offers a range of benefits to its employees, including unlimited PTO, free meals, and a pet-friendly workplace. Lyft values work-life balance and encourages its employees to take time off when needed.
Overall, Lyft’s working culture is one of the reasons why it has been successful in attracting and retaining top talent. The company’s commitment to diversity and inclusion, coupled with its focus on innovation and collaboration, makes it a great place to work.
Frequently Asked Questions
Q. What is the average salary of a Product Manager at Lyft?
According to Levels.fyi, the average salary of a Product Manager at Lyft ranges from $209k to $603k per year, depending on the level.
Q. What benefits does Lyft offer to its Product Managers?
Lyft offers a range of benefits to its Product Managers, including free dinner four days a week, free lunch five days a week, gender-neutral bathrooms, health insurance, life insurance, dental insurance, maternity leave of 18 weeks, unlimited PTO, transport allowance, phone bill reimbursement of $60 per month, 401k, employee stock purchase program (ESPP), employee discount of 15%, pet-friendly workplace, accidental death and dismemberment (AD&D) insurance, custom work station, disability insurance, employee assistance program, fertility assistance, paternity leave of 18 weeks, Roth 401k, vision insurance, remote work, and mega backdoor Roth IRA.
Q. What is the Employee Stock Purchase Program (ESPP) offered by Lyft?
Lyft’s ESPP allows its employees to contribute up to 10% of their base salary towards purchasing Lyft stock at a 15% discount on the purchase price.
Q. Does Lyft offer any fertility assistance to its employees?
Yes, Lyft offers fertility assistance to its employees.
Q. What is the maternity leave policy at Lyft?
Lyft offers maternity leave of 18 weeks to its employees.
In conclusion, working as a Product Manager at Lyft can be a lucrative career choice. The salary data shows that Product Managers at Lyft can earn up to $603K per year, with generous benefits such as unlimited PTO, health insurance, and even a pet-friendly workplace.
Moreover, Lyft offers a range of employee benefits that go beyond just financial compensation, such as free meals, a mother’s room, and a custom work station. These benefits demonstrate that Lyft values the well-being of its employees and strives to create a positive work environment.
If instead you’d prefer to sacrifice some salary for a better work-life balance, why not consider applying for a product manager job which has a 4 day work week (32hrs)?