The Project Management profession is forecasted to grow 6% globally from 2022 to 2032. That is faster than the average for all other occupations. And it means that we will need circa. 25 million new trained & competent Project Managers during this timeframe.
In addition, Project Management has been shown by PMI to be one of the top five areas that business leaders want to prioritise. This means that not only is Project Management as a profession growing, but Project Management as a skillset is also in increasing demand. So whether or not you want to formally become a ‘Project Manager’, you are likely to need the skillset of a Project Manager to be able to succeed within your role & business.
The projects landscape is changing fast
It is important to remember that the projects landscape is changing rapidly. Project Management used to be viewed only as a skillset. Over recent years we have seen it develop into a profession & career path of its own right. Technological development, automation & the sudden rapid rise of Artificial Intelligence has changed the projects landscape & in turn, Project Managers have been required to change their skillset. Now we need to lead by example, work with people rather than against them & implement the soft skills that are essential for any teams success. Project Managers need to accept that some of their traditional responsibilities will be replaced by technology and adapt to focus on developing the skills that can’t be automated.
The business case has flipped
Previously the cost associated with training and upskilling people with Project Management skills has been a barrier to the growth of the profession. However, now the business care for investing in trained & qualified Project Managers has become increasingly compelling. Studies show that projects managed by trained Project Managers have a 40% higher change of staying on programme and a 38% higher chance of staying within budget. For every $1bn invested in projects, companies risk wasting $97m due to poor project performance. So the business case for investing in Project Managers is writing itself.
The fact that the Project Management profession is growing is fantastic news. It is a sign that this skillset is being valued, understood & prioritised. But what makes this slightly more complicated (and even more exciting for those considering a career in Project Management!) is that demand is due to outstrip supply. The forecasted amount of people qualified to fill the circa. 25 million new trained & competent Project Managers needed by the market is not forecasted to be met. This will eventually lead to a Project Management skills shortage & result in a very competitive landscape for those who are trained & competent with demonstrable experience.
Why starting now is the advantage
So why is NOW the perfect time to become a Project Manager? Because by starting now, you can be part of the solution to this problem, before it becomes a critical supply issue. By training & joining the profession now you will be building up & developing your experience to help fill the need in the market. If you manage your Project Management career correctly, you could even be in the position that by the time others catch on to fill the demand, you have the training, skillset & experience to be a Project Management thought leader yourself. To be compensated competitively and move up this exciting career ladder fast. By joining the profession now, you have the chance to be ahead of the curve so you can shape the future trends of the profession rather than waiting to learn the ropes when the skills shortage is already being felt.
What supply & demand means for your pay
Demand & supply are fundamental economic concepts. If there is high demand and low supply in a profession, this means you are likely to be paid well. Companies will have to offer compelling benefits packages to attract and retain staff. Those that have previous years of demonstrable experience, training and development in the projects environment will be even more highly sought after. On a basic level this means that future Project Managers are likely to have lots of job opportunities on a global scale & more of a say in dictating their working terms, conditions and environment
So what are you waiting for…?!
There has never been a better time to become a Project Manager. Start your journey pivoting into Project Management today so you can stay ahead of demand & lead the way in this exciting growing profession.