Project managers play a crucial role in the successful completion of a project. They are responsible for planning and organizing the various aspects of a project, as well as managing the team members who are working on it. The project manager is responsible for ensuring that a project is completed on time, within budget, and to the required quality standards. This is a critical role that can have a significant impact on the success of a project and the organization.
The demand for project managers has increased significantly in recent years as organizations recognize the need for skilled and experienced professionals to manage complex projects and ensure successful outcomes.
The growing adoption of agile and lean methodologies, the increasing complexity of projects, and the need for better coordination and collaboration among teams have all contributed to the growing demand for project managers. Additionally, the rise of digital transformation and the need for effective management of technology-based projects have also contributed to the demand for project managers.
The Growing Demand for Project Managers
A study titled “Talent Gap: Ten-Year Employment Trends, Costs, and Global Implications 2021” conducted by the Anderson Economic Group (AEG) estimates that the global economy needs 25 million new project professionals by 2030. To close the talent gap, 2.3 million people will need to enter project management-oriented jobs every year just to keep up with demand. As more and more industries become project-oriented, organizations will need to ensure their employees can acquire the project management skills they need to succeed.
There is a huge demand for project management professionals in sectors like manufacturing, construction, IT, Oil and Gas, Engineering, Utilities, Healthcare, Finance, and Insurance services.
According to the U.S. Bureau of Labor Statistics data, the largest and fastest PMOE (Project management-oriented employment) growth will be in software development—a projected increase of 14% between 2019 and 2030. Much of this growth will come from the development of mobile applications, IT security, and a rise in healthcare technology.
Top 5 Skills Critical to Succeed as a Project Manager
A study by PMI (Project Management Institute) and PwC (PricewaterhouseCoopers) found five skills critical to the successful delivery of projects
- Relationship Building
- Collaborative Leadership
- Strategic Thinking
- Creative Problem Solving and
- Knowledge of industry, business, and its implications on the project.
The Future of Project Management
The future of project management is likely to involve a greater focus on technological innovations and the use of artificial intelligence (AI) and automation to streamline processes and improve efficiency. There will also be a greater emphasis on collaboration and the integration of diverse team members, as well as the use of agile and lean methodologies to adapt to changing circumstances and priorities.
Project managers will need to develop strong communication and leadership skills to effectively manage and motivate virtual and remote teams. Additionally, there will be an increased focus on sustainability and social responsibility in project management.
Upskilling the workforce, and empowering a new generation of talent with the necessary project management skills, will be critical in narrowing the talent gap. A well-recognized management degree in project management helps bolster skillsets, bridge the talent gap, and enhance salary levels.