May 18, 2013 | Author: PM Hut | Filed under: Miscellaneous
Project Management Institute’s 2013 “Pulse of the Profession” Survey
By Lynda Bourne
PMI’s 2013 ‘Pulse of the Profession’ Survey makes interesting reading, particularly given most of the world is in or near recession. PMI predicts that between 2010 and 2020, 15.7 million new project management roles will be created globally across seven project-intensive industries. China and India will lead the growth in project management, generating approximately 8.1 million and 4 million project management roles through 2020, respectively.
Along with job growth, there will be a significant increase in the economic footprint of the project management profession which is expected to grow by USD $6.61 trillion. This enormous anticipated growth, along with higher-than average salaries, will make the next seven years an opportune time for professionals and job-seekers to build project management skills.
The squeeze on talent has already started! PMI’s Pulse of the Profession shows that high-performing organizations don’t just emphasize strategy and improve efficiency. They cultivate talent resources to deliver successful projects and programs. With that talent, they can reduce risk, increase stability, improve growth and build a strong competitive advantage.
In contrast, poorly performing organizations that don’t see talent as part of the success equation – they believe the job market is a bottomless pit of skilled people that can be bought in as needed. This puts their projects and their organizations at risk! Whilst more and more successful organizations have adopted talent management as a core competency, many others fail to invest in skilled project management talent and talent development initiatives, and this shows in their performance.
The contrast is stark – high performing organizations are likely to find some $20 million at risk for every 1$billion invested in projects, whereas low performing organizations place $280 million at risk, over 10 time the amount.
The low-performing organizations – those which complete 60% or fewer projects on time, on budget and within scope – are significantly less likely to provide a defined career path for project managers, a process to develop project management competency, and / or training on project management tools and techniques. Poaching talent is a zero sum game that simply drives up costs for everyone.
As a result of this lack of investment, a talent gap exists in project management. A large number of skilled practitioners are reaching retirement age, organizations that train staff hold onto staff and the rest are going to find recruitment becoming increasingly difficult. Talent simply does not grow on trees – skills need developing and nurturing within the organizations that need them.
The reason this matters is that at a time when project success rates are declining and risks are increasing, organizational leadership needs to fill an anticipated 15.7 million new project management roles worldwide by 2020. If they don’t, $344.08 billion in GDP will be at risk – and that’s not even counting the $135 million that organizations already risk for every $1 billion spent on projects.
The ‘high performers’ achieve their results through a combination of good governance and good management. They see project, program and portfolio management as strategic capabilities needed to invest in their organization’s future. They recognize process improvement and talent management are the two key elements that need investment to deliver outcomes. And they use well proven governance and management processes such as requiring active sponsors (79% of project have active sponsors in high performing organizations -v- 43% in low performing organizations).
Talent management needs investments in selection, training, mentoring and coaching; ideally from internal resources but when necessary using external help to kick-start the development of the internal capabilities.
Dr. Lynda Bourne DPM, PMP.
Lynda is the Managing Director of Stakeholder Management Pty Ltd. This business is focused on improving the capability of organizations to effectively manage their stakeholder relationships to the benefit of both the stakeholders and the organization’s projects. She is also the Director of Training with Mosaic Project Services Pty Ltd, where she is responsible for the development and delivery of OPM3, PMP, CAPM, Stakeholder Management and other project management training.
Lynda is a recognised international author, seminar leader and speaker. She is a SeminarsWorld® presenter and an accredited OPM3 ProductSuite Assessor and Consultant who has led a number of commercial OPM3 ProductSuite assessments.
She graduated from RMIT University Melbourne as the first professional Doctor of Project Management in 2005. Her research on defining and managing stakeholder relationships has lead to the development of the Stakeholder Circle® tool set and the SRMM® maturity model. Lynda blogs regularly on the Mosaic Projects blog.