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 emphasise 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 organisations 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 organisations 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 organisations are likely to find some $20 million at risk for every 1$billion invested in projects, whereas low performing organisations 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, organisations 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 organisations that need them.
The reason this matters is that at a time when project success rates are declining and risks are increasing, organisational 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 organisation’s future. They recognise 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 organisations -v- 43% in low performing organisations).
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. (see more on mentoring and training)
Are you and your team ready to make talent management a strategic priority? Download:
PMI’s Pulse of the Profession™ In-Depth Report: Talent Management, and
PMI’s Project Management Skills Gap Report, and see how you can build your organization’s success – one project manager at a time. To help PMI have developed a sophisticated career framework, see: http://www.mosaicprojects.com.au/Training-PMI_Framework.html#CareerCentral
Pat Weaver
Lynda Bourne
Aavssitedev's Blog
Linda, how does PMI get away with claiming that project management is a profession, when not just one but TWO independent, published research papers have established that not only is it NOT a profession now, but unlikely ever will be.
And none other than the Harvard Business Review published a series of articles arguing that MANAGEMENT is not a profession.
http://www.build-project-management-competency.com/wp-content/uploads/2009/12/P.Giammalvo_PHDthesis_2008.pdf and http://hbr.org/2011/09/management-a-profession-wheres-the-proof/ar/1
So if Management is not a profession, how can project management, which is but a subset of general management be a profession?
There are some 22 attributes which any occupation must meet in order to qualify as a profession and project management fails to meet most of them. More specifically, out of a possible score of 100 on a “professionalization index”, project management only scores about 35%.
Here is the simple explanation of why project management is not now a profession and unlikely ever will be one http://www.mpug.com/News/Pages/Is-Project-Management-a-Profession.aspx and here is the more complex and detailed version- http://www.build-project-management-competency.com/wp-content/uploads/2009/12/P.Giammalvo_PHDthesis_2008.pdf
Bottom line- Doesn’t it seem reasonable that PMI has a moral if not legal obligation to adhere to their own code of ethics? Given there are not one but two independent research papers demonstrating that project management is NOT a profession, and at least two credible bits of research arguing that management is not a profession, doesn’t it seem reasonable to expect that IF PMI continues to make claims that project management is a profession, that the burden of proof should be on them to PROVE IT?
Something to think about……
BR,
Dr. PDG, Jakarta, Indonesia
http://www.build-project-management-competency.com