And Boost Midwest has your answers...
Project managers are eternally in demand and the challenge in finding the right match for your organization will only become harder in the years to come.
The Project Management Institute (PMI) examined issues surrounding the current shortage of talent resources and issued a ten-year report on the trends, costs and implications of the global talent gap in project management.
This talent gap represents the persistent gulf between the demand for project management skills and the availability of talent.
“This opens up a host of new job opportunities in project management-oriented employment (PMOE) for project professionals and all changemakers – those who, regardless of their role, are inspired and equipped to drive change,” the PMI report notes.
Boost Midwest knows that skilled management is essential for projects to be delivered on time, at cost, and meet customer expectations. We offer consulting and in-house project management services to help fill temporary and even permanent gaps your organization is experiencing now or for future operations.
Why and Where is the Talent Gap?
The reasons for the project management talent gap is three-fold:
There is an increase in the number of positions that require project management-type skills.
Emerging and developing companies are seeing a higher demand for project professionals.
Project management professionals are retiring at a greater rate than new talent can replace.
According to PMI’s report, currently 25 million new project management professionals will be required for the global economy by 2030.
In North America alone, potentially $53.7 billion in gross domestic product (GDP) is at risk because of a lack of project management professionals during that same period.
“While COVID-19 has caused a contraction in PMOE, better-than-average growth relative to many job categories is expected after the pandemic,” PMI reports, based on an assessment by the Anderson Economic Group.
The global sectors seeing the highest increases for project management professionals is in:
Interestingly, in the United States, specialized fields within larger sectors are primed for a jump in demand during the same period while, conversely, a decreased demand is predicted for lawyers, business management and operations specialists and for personal services, entertainment and recreation in the U.S.:
3 Ways to Address the Talent Gap
While not everyone who manages projects wears the project manager title, it’s critical that people using those skills are knowledgeable about current best practices and what skills take priority in 2022 and the next decade.
North America will see 600,000 additional project management-oriented positions through 2030, and the number for Europe is even higher, at 1,000,000. So, what can organizations do now to ensure their workforces include the project management skills they will need?
1. Upskill your workforce.
Many organizations are turning to their existing talent to provide professional development in project management skills. These companies are forward-thinking, noting the global demand for project management talent and projected shortages, whether this year or in 2030.
Employee losses during the COVID-19 pandemic have seen many organizations make employee capability-building a focus for a resilient future.
A recent McKinsey & Co. study found nearly 80% of business leaders cited “capability building” as very or extremely important to the growth of their organization — a significant jump from the 59% who held to this before the pandemic.
To build project management skills in existing resource, organizations should :
Promote a culture of continual learning
Create and lead new learning initiatives
Utilize partnerships to equip employees with project management skills: leadership, collaboration, business sense, and technology.
2. Consider outside consultants.
An outside consultant brings experience to the table. For example, the project management team at Boost Midwest has stepped into organizations to provide services both short- and long-term.
“Working with Boost Midwest increased our ability to meet deadlines, stay on task, set reasonable expectations, and have a sense of confidence in the work that is being submitted,” a company director recently noted after using Boost Midwest’s services.
And an external, neutral and fresh perspective is usually helpful in:
Helping teams get a stuck project quickly moving again.
Maintaining project momentum.
Helping teams adhere to the project plan.
Reduce or eliminate wasted resources through efficient planning.
Improve processes, which can help retain team members.
3. Offer more than money to attract top talent.
While companies in high-growth countries lure many U.S.-based project managers with double, triple, or greater salary increases, there are ways to not only keep the talent already in your organization but also find new talent.
The fact is, money isn’t everything to every person.
“It’s more the opportunities you can offer for professional development with challenging projects and a strong business network,” noted a senior partner and managing director for a Europe-based business management company.
Other top business leaders point to a work-life balance as a key attraction for project managers. Since the COVID-19 pandemic,, professionals from team members to the executive suites began placing a higher priority on having time for family and recreation, in addition to a high salary and professional development.
A willingness to train candidates for project management who offer the right foundation — leadership qualities, intellect and attitude — will help those organizations who are experiencing talent gaps now or project them as the organization grows or existing talent retires.
At Boost Midwest, our expert guidance in project management can help your organization now while also planning for its future.
Learn more about how Boost Midwest can help you optimize your project management by scheduling a free consultation call with us today using our Quick Schedule Link here.
Ready to learn more about how Boost Midwest can help you optimize your project management and operations? Schedule your free consultation call with us today using our Quick Schedule Link here.