Report has demonstrated that the global market will be in the demand of 25 million project management and change maker professionals by the year 2030.
This was contained in the announcement made recently by the Project Management Institute (PMI), the world’s leading association for project professionals and changemakers.
According to the release of ‘Talent Gap: Ten-Year Employment Trends, Costs, and Global Implications’, the ten-year outlook of project management-oriented employment examines why this talent gap exists and how organisations and professionals can meet the high demand.
The report shows an increase in the number of jobs requiring project management-oriented skills, higher demand due to economic growth, and retirement rates will create the global need for 25 million new project professionals by 2030, meaning 2.3 million project managers and changemakers will need to fill project management-oriented roles every year to keep up with the demand. This shortage of talent may pose a considerable risk to organisations as they rely on project teams to implement strategic initiatives on time and on budget.
The impact of the gap could be felt globally and result in a possible loss of up to USD $345.5 billion in global GDP by 2030, creating a great opportunity for project professionals and changemakers, who, regardless of their role, are inspired and equipped to drive change.
“Projects and the changemakers behind those projects play a vital role in the global economy and society as a whole. And while project managers are the quintessential changemakers, any individual who possesses project management skills can help steer change,” said Joe Cahill, Chief Customer Officer of PMI.
“Upskilling the workforce and empowering a new generation of talent with project management skills will be critical in narrowing the talent gap and creating positive impact. Organisations can help empower employees by providing learning opportunities, but can also spot qualified candidates by seeking out those who hold project management-related certifications.”
The report highlights that projects, and the successful management of them, are essential to industry and economic growth. The total GDP of projectized industries—industries with significant project management requirements—is estimated to increase from $24.7 trillion in 2019 to $34.5 trillion in 2030.
The share of GDP increase due to productivity improvement in projectized industries is projected to be highest in China, Europe, and North America. In order for regions with a lower GDP to sustain growth, higher levels of productivity held up by project management-oriented roles will be crucial to their future.
“Organizations can be proactive in enabling project managers and changemakers by upskilling employees and building a culture that promotes continual learning. Now more than ever, it’s vital for employers to champion new learning initiatives and explore partnerships to equip employees with the necessary project management skills,” said Cahill.
“These capabilities include power skills such as collaborative leadership, business acumen to create well-rounded employees, and mastering new ways of working such as tech-enhanced problem-solving tools.”