“An additional 1.57 million new project management roles will be created globally every year until 2020, according to the Project Management Talent Gap Report, a 2012 study by PMI and Anderson Economic Group.
And although there’s no shortage of available labor, four in five organizations are already struggling to find qualified project managers to fill open positions, says PMI’s 2013 Pulse of the Profession™ In-Depth Report: Talent Management.”
– Reports PM Network®’s Mind The Gap series (Click here to read excepts)
The report talks about an interesting study of how much of project budget is always at risk, no matter how good organization’s processes are. Presumably, higher the competency of an organization in project management capabilities lesser are the dollars at risk. High performance organizations risk only US $20 million per US $1 billion spent, while lesser competent organizations risk as much as US $280 million (about 14 times) per US $1 billion spent, that is about 28%. Compare this percentage to the profits companies make and you can see how dearly this impacts organization’s bottom-line.
What makes the report more interesting is the finding that fewer and fewer organizations are focusing on training and development efforts in project management capabilities and processes, since 2010!
- Organizations putting active efforts to develop project management tools and techniques have declined from 65% to 59% between 2010 and 2012!
- Organizations focusing on processes to develop project management competency have declined from 52% to 45%!
- Those striving to mature existing project management practices have declined from 51% to 44%!
In essence, companies are risking high dollars due to lack of project management skills AND reducing project management competency development efforts internally!
Look at this stats in view of the trend – additional 1.57 millions of project management roles are getting created EVERY YEAR till 2020. And the fact – four in five organizations are already struggling to find qualified project managers to fill open positions!
What does this mean for you?
It means that for someone with PMP®/ CAPM® competency there is a phenomenal demand, right now!
Just thinking about this gives me a kick to study better and ace the exam! How about you?