It's 2014 — do you know where your talent is?
If you're like some companies, you probably don't.
PMI's Pulse of the Profession shows that high-performing organizations don't just emphasize strategy and improve efficiency. They cultivate talent resources to deliver successful projects and programs. With that talent, they can reduce risk, increase stability, improve growth and build a strong competitive advantage.
Yet, there are still organizations that don't see talent as part of the equation.
While more and more organizations have adopted talent management as a core competency, many still fail to invest in skilled project management talent and talent development initiatives.
And it puts their projects and their organizations at risk.
Low-performing organizations — those which complete 60% or fewer projects on time, on budget and within scope — are significantly less likely to provide a defined career path for project managers, a process to develop project management competency, and / or training on project management tools and techniques.
As a result, a talent gap exists in project management. At a time when project success rates are declining and risks are increasing, organizational leadership needs to fill an anticipated 15.7 million new project management roles worldwide by 2020. If they don't, $344.08 billion in GDP will be at risk — and that's not even counting the $135 million that organizations already risk for every $1 billion spent on projects.
Are you and your team ready to make talent management a strategic priority? Download PMI's Pulse of the Profession® In-Depth Report: Talent Management, along with other PMI talent resources, and see how you can build your organization's success — one project manager at a time.