PMI’s Salary Survey Shows Increased Earnings for Credential Holders
The Consulting Outlook
Many project management consultants saw setbacks last year. But new organizational priorities are producing new opportunities for consultants with the right skills.
Last year was tough all around. Mohamed Khalifa, PMI-RMP, PMI-SP, PMP, PgMp, director of consultancy and solutions for Lifelong, a training and consulting company based in Kuwait City, Kuwait, knows this firsthand.
While organizations put projects on hold, demand for Lifelong’s advisory services decreased.
Mr. Khalifa found that companies no longer wanted to send workers off-site to learn project management theory, and they were hesitant to pay outsiders to manage projects for them.
This experience is in line with broader trends in the project management consulting world.
Consultancies had been booming around the world, particularly in high-growth economies such as Ireland, South Korea and the United Arab Emirates, until the global economic slowdown reversed the trend in mid-2008, according to Plunkett’s Consulting Industry Almanac.
Now consultant businesses must deal with more competition. Long-time consultants like Ardi Ghorashy, PMP, PgMP, founder of 80/20 Consulting Inc., Toronto, Ontario, Canada, say corporate layoffs pushed a number of project managers into the consulting business.
Those who are able to serve the new needs of businesses and gain the trust of clients are going to succeed.
Shifting Needs
Risk management and project portfolio management top the list of areas of expertise organizations currently seek.
“Before the recession, companies were not as interested in choosing the right projects. Now governance is a very hot topic. I get more requests on portfolio management and risk management than ever before,” Mr. Khalifa explains.
Risk Management as an Increasing Focus
The increased focus on risk is something Alfonso Bucero, PMP, partner and director, Bucero PM Consulting, Madrid, Spain, sees as well.
“One of things we discovered is that [organizations] are not aware of how to manage project risks appropriately. [For us], it became a business generator,” he says.
Mr. Ghorashy says that despite the fact that many project managers have moved to the consulting side of the business because of the recession, he anticipates considerable growth in specialized consulting such as risk management, interpersonal skills and coaching services.
He estimates that less than a third of organizations have formal project or program risk management practices in place, but he’s confident that more firms will get on board and start to create them.
Portfolio Management Helps Organizational Strategy
Portfolio management and strategic planning are also becoming big areas of growth for consultants.
“One of the most popular services [this year] is project portfolio management because organizations need to know how to implement their strategy properly and how to manage critical situations … not only to survive, but also to be much more competitive,” Mr. Bucero says.
Mr. Ghorashy believes some of this growth is due in part to the fact that Project Management Professional (PMP)® credential holders who trained a decade ago have ascended into senior management.
“It’s an area that is in need of growth and attention, but it’s a bit of a difficult game because project managers, like quality managers, tend to come in from middle management and sell their ideas to upper management.”
These trends in the project management consulting business point to where the work is now. Honing skills and gaining experience in areas with high demand is just good business sense.
In the end, no matter how the needs of organizations change, Mr. Bucero says, “Consultants need to see themselves as positive forces in the market because they are there to help and serve.”
PMI Resources Help You Get Ahead
Want to get ahead as a consultant and validate your competency and skills in the specialized area of project risk management? You could be eligible for the PMI Risk Management Professional (PMI-RMP)® credential.
Want to connect with others interested in the specialized area of project risk management? The PMI Project Risk Management Community of Practice enables you to engage and share lessons learned and best practices through discussions, blogs, wikis and more. Access is easy and complimentary for PMI members.
