“Project management is the art and science of making things happen,” says J.D. Meier, author of Getting Results the Agile Way. And there’s never been a greater need on a global scale for skilled, innovative project management professionals who can drive change and make things happen. And that need is only going to grow over coming years.
The Project Management Institute’s (PMI) Project Management Job Growth and Talent Gap report provides powerful data. The information proves to anyone thinking about getting a master’s degree in project management that the time and money spent is well worth the investment. Here’s why.
What is Project Management?
Project management is the disciplined planning, organizing, and managing of resources to achieve specific project goals and objectives. It’s about turning ideas into reality and ensuring successful project completion. This field requires a unique blend of skills—both the art of leadership and the science of management.
In a world where change is constant, project management is essential for navigating through challenges and reaching success. The Project Management Institute (PMI) highlights the growing demand for skilled project managers in its report on job growth and talent gaps. For those eyeing a master’s degree in project management, the report signals a promising investment in their future.
What Does a Project Manager Do?
The role of a project manager is multifaceted and central to the success of any project. A project manager is responsible for planning, executing, and closing projects. They define the project’s scope, plan the timeline, and determine the resources needed. They lead the project team, ensuring that everyone is working towards the same goals, and they maintain communication with all stakeholders to keep the project aligned with business objectives. Project managers also monitor progress and make adjustments as necessary to ensure the successful completion of the project. They are problem-solvers, often required to provide solutions to unforeseen challenges. Ultimately, the project manager is the linchpin that holds the project together, driving it from conception to completion.
Why is Project Management a Good Career?
PMI states, “Across the globe, there’s a widening gap between employers’ need for skilled project management workers and the availability of professionals to fill those roles.”
Three main catalysts driving this gap include:
- A significant increase in the number of jobs requiring project-oriented skills. Industries that were traditionally less project-oriented are now adopting a more project-oriented model as they recognize the benefits of goal attainment and strategic focus. In the United States, this change is especially apparent in the health care, publishing, and professional services industries. PMI reports that the health-care sector represents the biggest percentage increase in project-oriented jobs among sectors analyzed in the United States, with a 17 percent growth rate.
- High attrition rates. As seasoned project management professionals reach retirement age in large numbers, many project-related jobs are opening up. PMI estimates that in the United States, attrition in manufacturing “will cause nearly all open positions—97 percent—while in management and professional services just over half the openings—52 percent—will occur for the same reason.”
- The entire global economy has become more project-oriented in recent years. There’s been a dramatic increase in demand for project talent, especially in rapidly developing economies such as China and India.
There’s an Enormous (and Costly) Project Management Skills Gap
In 2021, the Project Management Institute (PMI), in partnership with PwC, conducted research that highlighted a significant gap in talent for project management related careers. This research revealed a concerning trend within organizations: a widespread lack of focus on nurturing and retaining existing project managers, as well as a lack of innovation in attracting new talent.
The root of this issue, as PMI suggests, is the absence of a compelling business case for investing in talent development – one that explicitly links skill enhancement to organizational strategy and competitive advantage. This lack of a data-driven approach to talent management may be contributing to the undervaluing of personal traits and behaviors essential for project success, ultimately hindering project outcomes and fueling a global talent crisis.
Job Opportunities Will be Global and Across Industries
By 2030, employers will need 25 million individuals working in project management-oriented roles (PMOE) to meet the growing demand for skilled project professionals and offset the projected retirement of at least 13 million experienced project managers. This projection, detailed in the Project Management Institute’s (PMI) 2021 Talent Gap report, highlights a significant challenge for the global economy.
The report estimates that to successfully close this talent gap and maintain the necessary workforce, approximately 2.3 million people would need to enter PMOE annually. This shortage is further exacerbated by factors like the “Great Resignation,” where workers are increasingly leaving their jobs, and the broader trend of individuals considering career changes.
Gain Transferable Skills
Project management skills are not only highly sought after but also incredibly versatile. Some of the skills learned in project management include time management, communication, leadership, problem-solving, and budgeting. These skills can be seamlessly transferred across various roles and industries, making them invaluable in today’s dynamic job market. The ability to adapt these skills to a wide range of scenarios ensures that professionals are always in demand and can navigate changing market conditions with ease.
Make an Impact in Your Organization
Project management professionals are pivotal in driving organizational success. Their expertise in delivering projects on time, within budget, and to the highest quality standards is essential. They play a critical role in strategic planning and execution, which contributes significantly to the organization’s growth and positions it competitively in the market. Additionally, project managers have strong leadership skills that help them effectively manage teams and stakeholders, ensuring clear communication and alignment throughout the project lifecycle. Furthermore, the demand for skilled project managers continues to grow across industries, providing ample opportunities for career advancement and professional development.
Applicable Across Industries
The principles of project management are universal and play a crucial role in a multitude of sectors. Whether it’s IT, construction, healthcare, or entertainment, the core tenets of project management remain consistent, even though the specifics may differ from one industry to another. This universality underscores the importance of project management in today’s diverse business landscape. In addition, project management skills are in high demand, with companies seeking professionals who can effectively plan, execute, and oversee projects to ensure successful outcomes. Furthermore, a career in project management offers opportunities for growth and advancement, as individuals can specialize in various areas such as Agile, Scrum, or Lean methodologies. Plus, the ability to lead cross-functional teams and drive results makes project management a rewarding and fulfilling career choice for those who enjoy organization and problem-solving.
Access to Global Opportunities
A career in project management opens doors to a world of opportunities. Professionals in this field may have the chance to work in various countries and immerse themselves in different cultural settings. This global perspective not only enhances career prospects but also contributes to personal and professional growth. Additionally, project managers often have the opportunity to work on diverse projects in industries ranging from technology to healthcare, providing them with a wide breadth of experience. This variety in projects allows for continuous learning and skill development, making project management a dynamic and fulfilling career choice.
Work in a Collaborative Environment
The essence of project management lies in collaboration. It involves leading and working alongside diverse groups of people, making communication, negotiation, and leadership skills indispensable. These skills are crucial for creating a productive team dynamic and achieving collective goals. Additionally, project management offers the opportunity to develop strong organizational and time management skills, as well as the ability to adapt to changing circumstances and prioritize tasks effectively. Furthermore, the field provides a sense of fulfillment and accomplishment when projects are successfully completed, motivating individuals to continue growing and advancing in their careers. Overall, project management is a rewarding career choice that offers a wide range of skills and experiences for professionals to thrive in various industries.
Bright Future for Project Professionals
Despite the looming threat of a global recession in 2023, the demand for skilled project management professionals remains strong. The Project Management Institute’s (PMI) most recent Talent Gap report projects a need for 2.3 million new project professionals annually through 2030 to fill the growing number of project management-oriented positions.
To navigate this talent shortage and remain competitive in uncertain economic times, companies are increasingly seeking project leaders with strong “power skills”—those interpersonal and leadership abilities that enable them to solve problems, build relationships, drive change, and deliver strategic value.
The PMI Pulse of the Profession® 2023 report further emphasizes the importance of these skills, with communication being the most frequently cited critical power skill among surveyed project professionals, followed by problem-solving, collaborative leadership, and strategic thinking.
If you’re ready to help close the talent gap in project management and take your career to the next level, earn your online master’s degree in Operations & Project Management through Johnson & Wales Online. For more information about completing your degree online, fill out our Request Info form, call 855-JWU-1881, or email [email protected].