Is there really a need for project managers?
If we look at all the advances of Artificial Intelligence (AI) and other key technologies are bringing, this really takes some convincing that there are jobs. In fact, we see jobs disappearing already in recent with the coming of the AI age but my opinion is that project management expertise will still be something that is required and there will be a gap, if we do not address this soon...
I just sat through a webinar titled "Bridging the Talent Gap for Project Sucess" by Benjamin Breen, a VP at the Project Management Institute (PMI) and he provided some insights on what PMI says may be a problem...
Here are some screenshots below of the presentation slides
The first screenshot tells us that currently, there are about 90 million project management-oriented employees across the world, but this number is projected to increase to 102 million by 2030. Thus, there are 25 million employees needed to meet global demand, or 2.3 million annually in job openings.
- 12 million employees driven by expansion: new products, new buildings, new infrastructure
- 13 million employees driven by retirements of current and existing employees
I can say this...most project managers in my company are mostly in their late 40s and 50s - we need to build up some technical expertise before taking up the PM job, typically a first-level manager. So yes, retirement is not too far away.
The next screenshot is about the geographic locations of these jobs. Note that a large portion of the PM jobs are in China, which kinda makes sense since they are probably the fastest growing region in the world - in terms of technology, manufacturing, construction, healthcare, etc. A possible reason is the support from the authorities in politicial and even financial support, esp. in large mega-projects such as those in construction, railways and key technologies in semiconductors, rare earths, energy, and many others.
Next come South Asia (India) region and Asia-Pacific. Again, these are from developing countries climbing their way up. Then it will be Europe and the Americas. Obviously, if there is project, we will need project managers to ensure that things run smoothly.
The good news is that there are available jobs in PM but the not-so-good news is that few are doing it. And it is concerning because of the number of "alternative" jobs.
If one starts talking to high-schoolers, it is crazy (at least for me) that a number of high-schoolers who is wants to be a full-time Youtuber or Tiktoker, or a professional gamer when they grow up...versus pilots, doctors or engineers. Well, if the younger generation are only doing Youtube, then there is a GDP risk of billions if the projects do not have sufficient leaders with the expertise to drive the project to meet the schedule and budget. We are talking unnnecessary loss of close to $350B (billions) worldwide.
Where are these jobs? There is still growth from acress the board but the top few will remain at manufacturing, information and in finance. While there will still be job losses across the board esp. for jobs related to software, IT and computer-related jobs, the good news is that the situation is not really that bleak for those interested in leading projects.
Project management is crucial to address the common pitfalls. These include:
- Over-optimism where we underestimate the time required, the cost and the complexity
- Scope creep where we were to expand the alrready good work we are doing, but fail to address the additional risk and resources
- "Now" planning where we focus too much on the short-term benefits without asking the questions for the long-term good
Aside from looking only at pitfalls, another way is to do well in project management is look at best practices that builds towards the pinnacles of success. These include:
- Planning slow and acting fast, once all the plans are in places and risks have been addressed
- Reference-class forecasting to make sure there is a market + demand for the services
- Setting clear goals and to have the ability to say "no" to asks that do not meet the goals
- Thinking in "bricks" and not "building", which is the ability to break up comple taks into smaller, achievable actions. This also mean that each and every small action will deliver the value incrementally to finally reach the end-goal
For more information on how to get started in the world of project management, do take a look at the book titled "Simple Project Management" for more information. The book can be purchased from Amazon, Barnes & Noble, Kobo (e-book only) or directly from the Partridge.