Posted by Marbenz Antonio on August 2, 2022
Even while the economy remains uncertain, one thing is certain: job seekers are in control. The need for project professionals is expanding globally, according to the PMI 2022 Jobs Report, which was just issued.
The consequences for project professionals are something we at PRINCE2 are eager to investigate. Where will there be the greatest need for your abilities in the future? And which industries are advancing transformation through innovation and investment? We’re here to summarize the results of PMI’s Jobs Report and explore the employment prospects during the recovery.
In their 2021 Talent Gap Research, PMI found that 2.3 million new project management workers would be required annually to meet global demand by 2030. These figures are supported by PMI’s most recent report. During the COVID-19 pandemic recovery period, organizations are seeking to reassemble and pave the way for innovation. The floodgates have been opened, and change is about to accelerate quickly, demanding the urgent need for additional project talent!
The last two years have pushed for the supply of novel solutions together with new working methods. As a result, there are many chances for investment and employment in fields including healthcare, infrastructure, renewable energy development, IT, and technology, among others. Let’s examine the new developments that are influencing the demand for project managers globally.
The energy sector has ambitious goals established by governments and international leaders, and there is genuine pressure to produce outcomes on a global scale. Although there has been a minor slowdown in China’s economy, many reasons, including growing customer spending and the country’s energy transformation plan, are expected to contribute to increased project activity.
Public and commercial companies alike are stepping up their sustainability efforts as a result of the urgency of mitigating the risks of climate change and the challenging targets for reducing greenhouse gas emissions. Project activity and the need for project managers are being sparked by this. China has made significant financial commitments to some green energy projects, including wind farms, solar power, and biomass energy. Additionally, it intends to spend an estimated USD 300 billion to construct national ultrahigh voltage power lines.
Similar to this, as part of his France 2030 plan, French President Macron committed €8 million to energy-related activities. The nation will be searching for new project talent to aid them in achieving their goals over the next few years as they work to become a leader in green hydrogen. Although the Middle East and North Africa have historically been linked to fossil fuels, both countries are now making commitments to green energy goals. Energy megaprojects abound in the area, and project personnel is in high demand.
Another of the main factors raising demand for project specialists is rapid digitalization. Even before the epidemic, the IT industry in Europe was having trouble finding qualified employees. The State of European Tech report, however, revealed that investments in technology reached a record high in 2021, with US$121 billion invested—nearly three times as much as in 2020. This implies expanding job opportunities for project managers in the IT industry.
Digitalization caused by an epidemic is obvious. More than ever, businesses want to advance in technology rather than just stay up with it. They want to future-proof themselves, automate processes, and improve the client experience. Project positions are becoming more and more common in emerging technologies like AI, blockchain, electric vehicles, and IoT. There is a high demand for project employees as numerous new IT projects start up in India. Engineering manager Janani Raju works for Bosch Global Software Technologies in Bengaluru. Says:
“Companies are willing to invest more for project managers with entrepreneurial mindsets, who can influence culture change and are able to build durable, cohesive teams.”
Africa continues to have a lot of job prospects in the IT sector. Africa receives about 32 billion dollars, or close to one-third, of all international aid. Up to 45% of the newly created development positions in the area will require project talent as a result of it. Fintech (financial technology) start-up investment is particularly booming. With intentions to invest US$1 billion over the following five years in African digital initiatives, Google contributed US$50 million in October to assist African start-ups. In 2022 and beyond, this should result in a wave of project activity and related jobs.
In the upcoming years, businesses across almost all industries will experience an increase in demand for qualified project managers. Businesses will be looking for technologically inclined, empathy, sustainable knowledge, and inventive thinking. Companies will be looking for innovative leaders who can provide excellent solutions, at a reduced cost, and deliver in a shorter amount of time as they search for new methods to recover financially.
Despite the pandemic, the market for items made in South Asia has increased over the past two years, thus manufacturing enterprises there are willing to spend more on project managers with strong innovation and leadership abilities. China, the US, and Canada are among the nations looking to automation and digitalization as a means of preventing future disruption as a result of supply chain issues. The effects of recent supply chain bottlenecks will persist, especially in the transportation and construction industries, where project managers will be employed to manage the problem. Agile experience will be in high demand, along with digital skills, in these industries.
Actually, every industry has learned the value of Agile thanks to the pandemic. Today, a project manager’s ability to be adaptable, pivot, and work in a flexible manner is essential. Globally, there is a tremendous need for project talent, and project professionals have several opportunities. The PMI 2022 Jobs Report makes it clear that this is the ideal moment to advance your project career.