NOTE: This article was published originally on 12 December in PMI Community Post, an e-newsletter for PMI members. To receive the Post, log on to PMI.org as a member, go to My PMI > Communication Preferences and check the box to receive electronic notifications.
It seems that no matter where you turn these days, you are bombarded with a steady stream of negative news stories about the economy. Turn on a television, open a newspaper or surf the Web, and in many locations it’s a gloomy mix of recessions, foreclosures and layoffs. These stories are understandably worrisome. Some of you have already felt the sting, while many more of you may be concerned for your jobs.
What’s a project manager to do?
The future is actually brighter than you may think.
It’s true that no industry is completely immune to economic downturns. But project management is in a better position than most to not only weather this storm, but come out ahead.
In a time where companies in every industry are downsizing, project management actually faces a critical shortage of talent.
"The demand for project managers is definitely growing," says Sheree Rulard, senior recruiting consultant for Beeline RPO, a workforce solutions firm with offices in the United States, United Kingdom and Canada.
Two factors are to thank: a shift in demographics and a growth in global projects worldwide.
A 2008 survey by the Anderson Economic Group shows that, economic woes aside, the number of global projects is expected to keep growing significantly.
Global GDP in projectized industries is expected to increase by US$4.5 trillion by 2016.
Between 2006 and 2016, the number of project-oriented employees will grow by an estimated 8.2 million.
Who fills those positions is another matter. According to a 2004 report by the United Nations Population Division, the percentage of people approaching retirement age is on the rise in many countries. Between 2010 and 2050, the percentage of retirement-aged workers in the United States will rise from nearly 12 percent to over 20 percent; the European Union, India, Canada and China will see similar jumps, while Japan will face a staggering increase from 10 percent to over 35 percent.
The result is that, with more and more people retiring and with the leveling-off of the population boom in developed countries, there will be a lack of project managers.
Combine that with the growth in projectized GDP, and you get a profession that will face a critical skills gap. So much so that US$123 – $194 billion of that estimated US$4.5 trillion GDP increase is at risk from potential shortages, according to the Anderson data.
And the problem has already started. According to a 2008 survey by KPMG International, the construction industry has such a current talent shortage that project managers are in high demand; three-quarters of the survey respondents, CEOs and senior executives, reported that they were most worried about project managers.
Of course, that’s not to say the situation will be rosy for everyone. It’s unreasonable to expect that every project manager in every industry in every city will come out unscathed. But you’re fortunate to be a part of a profession that, in the coming years, will continue to grow and will have an even greater need for your skills.
And don’t overlook PMI as a resource as well. Whether you’re a project management novice or veteran, we have extensive resources to help you with any aspect of your career, from credentials to networking to career development. If you do need a new opportunity, PMI’s Career Headquarters and Career Coaching can help you get started.
So take heart—times are tough in many locations, but your profession is on the rise.
Find out how the PMI Educational Foundation is working to build the next generation of project managers. So is the PMI Global Accreditation Center for Project Management, which helps to ensure the high quality of academic degree programs in project management.
