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Project Management Talent Shortage Is Coming!

There is a global talent shortage for experience project managers, are you prepared?

The Project Management Institute (PMI) released an article outlining the looming talent shortage facing project management over the coming years, forecasting the shortage to reach critical levels by 2016. Th widening gap of project management skills will directly put at risk over $4.5 Trillion globally by 2016.

This is especially true for senior level project managers, with over 48% of respondents report that it is very difficult to find senior talent, and 89.4% report that it is very difficult or somewhat difficult, according to the ESI Annual Survey Report.

The cause of these skills shortages are due to a few key factors:

  • Senior Project Managers are retiring at an increasing rate with over 60% of PMI members now over the age of 40 with an forecast 30% leaving the workforce by 2018.
  • Projects are becoming increasingly more complex
  • Junior Project Managers are not being skilled up as fast as expected
  • New Project Managers are expected to reach competence in a much shorter time frame than their predecessors, which acquired knowledge over decades

Keys Tips To Overcome The Talent Shortage In Your Business

  • Give Project Management a voice right through the organising, from the ground to the Board. Lets bring in the CPO (Chief Project Officer)
  • Develop a culture of mentoring and training (it takes years to develop a great project manager, so start as early as possible)
  • Provide talented project managers with interesting projects to keep them engaged, variety in projects build skills and engagement, don’t pigeon hole project managers into 1 category of project.
  • Educate & train project managers to best practice standards
  • Join and encourage commitment to project management associations such as the AIPM, IPMA and PMI.
  • Strategically partner with project management consulting firms to outsource project management
  • Consider a virtual workforce, with the increasing connected world, project managers can be as effective working remotely as an office bound project manager.
  • Use project management software to improve collaboration and project team efficiency

(Source: Chris O’Halloran, a Project Director and blogger at Grapple.pm)