2022 Jobs Outlook for Project Leaders
Transcript
STEVE HENDERSHOT
The Great Resignation may mean a big headache for HR as more and more people rethink how, where and even if they want to work. But it could be a huge opportunity for project leaders—if they have the right mindset.
MALONG DONG
They need to be open to learn something new. That will actually open up more opportunities for people when they move into the job market as well. You will be more flexible. You are open for even different roles within the project work.
NARRATOR
The world is changing fast. And every day, project professionals are turning ideas into reality—delivering value to their organizations and society as a whole. On Projectified®, we’ll help you stay on top of the trends and see what’s ahead for The Project Economy—and your career.
STEVE HENDERSHOT
This is Projectified®. I’m Steve Hendershot.
Even amid tremendous economic uncertainty, the market for project professionals is booming. As companies around the world forge a path for renewal and reinvention, we’re seeing huge investments in digital transformation, energy, mobility, infrastructure and healthcare. That—plus a wave of veteran project leaders reaching retirement—is creating a huge demand for talent. And it doesn’t seem likely to diminish anytime soon. PMI’s 2021 Talent Gap report found the global economy will need 25 million new project professionals by 2030.
Yet a changing business landscape means they’ll need to develop the skills that matter most to the next generation of project leaders—an understanding of new technologies like artificial intelligence and machine learning, for example, and the ability to build cohesion and engagement among remote teams. Today, as we anticipate the release of PMI’s 2022 Jobs Report in a few weeks, we’re looking at how project professionals can best position themselves for success.
We begin in Florianópolis, Brazil, with Elton Soares, an electrical engineer and project manager at General Electric.
MUSICAL TRANSITION
STEVE HENDERSHOT
What changes have you seen over the last few years in terms of the traits and skills that are most valued in project leaders?
ELTON SOARES
It’s very great because now we understand much more that people are important. We need people to be focused on what really matters—finding the project manager [who is] a great supporter, a great coach, a caring person, and able to perform project tailoring to adapt the specs of the project to meet the requirements.
STEVE HENDERSHOT
What have you done to make sure that you’re that people-centric sort of leader? How can you improve once you recognize that these are the skills in demand?
ELTON SOARES
If you know what you need to do but you don’t have those competencies, I would start as a volunteer in projects that require [those] skills and be attentive to the skilled professionals on that group, for example. You have to understand how they behave, what’s their model, the way they see things, how they drive the team to get the results and talk to them to get tips, starting points and do some training, because it’s important to talk to people. It’s important to have a reference and understand that a self-assessment is the first point of developing yourself. Once you know where you are, you have an idea of what the future will bring. You can start focusing on your weaknesses and drive yourself on the right path to be a strong professional in the market because you’re going to be wanted for every company.
STEVE HENDERSHOT
Another growth area is the rise of AI [artificial intelligence] and machine learning. That obviously very much affects your work with automation. But if you are a project leader with less experience in that domain, how do you do the work required so you can lead projects that involve those components?
ELTON SOARES
You have to be aware that digital transformation is right there. You can’t get away from it. The pandemic accelerated the adaptability of several businesses. Most of them, they didn’t want to go digital so fast, but the competitors went digital to survive, to pass through the pandemic. So most of my colleagues that are not skilled to manage IT projects, they had to prepare themselves because their companies were entering on the digital area.
As I said, you have to make your self-assessment and look after what’s necessary. Most positions, they bring to us what’s required of the project manager for that specific position, and what’s desired and what’s [the] requirements. You have to go on the market, see what’s going on. Look for positions that maybe it’s not your primary choice, but you’re going to have an idea of what’s being required for project managers on the digital area and start from there. That’s what I’ve done, for example. I manage projects that [don’t] have much space for agile or scrum, for example. But what I’ve noticed is that there is a specific part of my job that agile can help us [with] a lot. Making something digital can help us a lot. I convinced some people that work with me that we could go on this way to be prepared, to be studying together to reach that point, and everybody’s growing.
STEVE HENDERSHOT
You mentioned technology as one sector of growth. Where else do you expect to see a lot of project activity over the next year?
ELTON SOARES
Internet of Things today, in my opinion, it’s like the birth of [the] internet. It’s only beginning. A lot of people are very excited about it, but it requires people to do that—to drive the team to make the great delivery. I myself have been studying some subjects that have nothing to do with my current job, but I’m looking to the future. For example, I’ve been studying blockchain a lot. I discovered that technology recently, and I’m passionate, I’m [enthusiastic] because I believe that blockchain is going to change the way we do business in a very great way.
And in Brazil, agrotech’s amazing because there is demand for going smart. You don’t have that family or that company sowing seeds and growing their forests or their products in this very traditional way. No. They want to go smart. They can improve their water loss and the way they will harvest things will be more profitable. And there are other applications that are very interesting that require a project manager to deliver that. We have been seeing also in agrotech the concept of green economy. In Brazil, it’s getting very strong. It’s been very well-accepted for companies because sustainability is more than ever needed and important. It’s mandatory.
STEVE HENDERSHOT
Renewables are especially hot within the energy sector right now. What sort of opportunities are you seeing for project leaders in that area?
ELTON SOARES
We are having a lot of renewable energy coming out, especially solar and wind power. Despite the economy having been slowly growing or having a small retreat, the energy sector never retreated. We are beating production records every day from solar and wind power, focusing on green energy, having several bids for transmission generation, which means there is growth, right? If you need energy, you have demand, somebody’s creating something new or increase their production.
I see great opportunity, for example, on the carbon reduction area. So many companies are pursuing that not only for their own wishes but everything that’s working on the economic forum, the way they are asking companies to be more sustainable, to look after the environment. That’s generating a demand for having people focusing on delivering green energy, change the way their company are driving things throughout the energy field. And I could say that’s worldwide—it’s not only in Brazil.
MUSICAL TRANSITION
STEVE HENDERSHOT
So what gives project leaders an edge on today’s job market? Projectified®’s Hannah Schmidt discussed that—and picked up a few tips—from Malong Dong, director of the program management office at Westpac Group in Sydney.
MUSICAL TRANSITION
HANNAH SCHMIDT
What sort of trends are you seeing shift the jobs outlook for project leaders?
MALONG DONG
Over the coming year, the full impact of [the] skill shortage caused by the [Australian] border closure may be revealed. It is a challenge that faces not only organizations but also project professionals. Secondly, the late cycle of the low interest rate among developed countries may gradually come to an end. Project work as an investment for business may [be] under greater scrutiny from a return-on-investment standpoint.
The skill shortage is a challenge for hiring managers, but it can be an opportunity for individuals. As a hiring manager, I experienced that a candidate turned down my offer when the offer letter was about to go out. Another challenge in the financial services sector is the job rotation within the project management teams. For example, some of the project managers may not be comfortable to take up a role as a business analyst. On the other hand, the job rotation may offer opportunities for project professionals to learn new skills and enhance their career development.
HANNAH SCHMIDT
So would you say this is a job seekers market, with organizations trying to fill those skill gaps and hire new team members? And is there anything project leaders should focus on if they’re looking for opportunities in financial services in particular?
MALONG DONG
In the financial services sector, when you look at all the job postings and when you talk to your friend, they will be talking about the combination of both project management and also business-related transformation, this kind of role. So like a business analyst or maybe a subject matter expert in [a] certain financial services area. For example, in banking, they will probably [be] looking at people who are familiar with mortgage operations. They might be looking at people who understand business lending.
When you think about all these opportunities, just try to be a little bit more flexible and make sure that you will be able to gather as much information as possible when you apply for a job. So that will certainly help the conversation and take you through to your interview process.
HANNAH SCHMIDT
What are you most excited to see in financial services this year?
MALONG DONG
I am really excited to see the opportunities in the job market for project professionals in the financial services sector. As I mentioned earlier, the skill shortage and the macro-economy open many doors to welcome people into the sector, especially getting into the project work or further advance their career in the industry. I’m also excited to see projects that introduce disruptive technologies to improve customer experience and operational efficiency. There will be technologies around artificial intelligence. Digitization will continue, especially if you want [to] reach out to the millennial generation. On the other hand, if you think about the global marketplace, cryptocurrency has become another driving force to bring in blockchain technology in the financial services sector, and I think there will be projects around blockchain in this year as well.
HANNAH SCHMIDT
What about the trends you’re seeing with young project leaders entering the job market or looking for new opportunities? What’s your advice for them?
MALONG DONG
There’s no age, this kind of limit, for any particular roles in the project management space. Do not get afraid if you think you are young but you are applying for a senior project management role. There’s nothing to be afraid of in that case.
For millennials, some of them might be in the early stage of their career, or some of them might be looking for a breakthrough when they look at the next stage of their career development. So my advice is keep your learning going at all times, and make sure that you will be able to learn from your job. And also, try to expand your network in the project management world. That will help to pave the way for your future career development as well.
HANNAH SCHMIDT
What are the top must-have skills for project leaders in 2022?
MALONG DONG
In 2022, the hybrid working mode requires project leaders to sharpen their leadership skills. I would say particularly in motivating the team, communicating with stakeholders and influencing with positive outcomes.
When you want to motivate a team, the first thing [that] comes to my mind as a project leader is that you need to envision your overall project goal so that everyone in the team understands what the goal is for the whole team. From there, there will be a skill set for project leaders to master, such as your team building, how you want to plan the team building as a group together, and also make sure that everyone really understands what you want to achieve and which role they are playing, and what deliverables they need to deliver through this journey.
MUSICAL TRANSITION
STEVE HENDERSHOT
There is no doubt companies will continue to deal with disruption—including on the talent management side. Project leaders will often be asked to take on new assignments and may even be pushed out of their comfort zone. But that could be the best way to not just advance your career but also deliver the kind of innovation companies need as we all explore a new world.
NARRATOR
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