Talent Gap: Ten-YearEmployment Trends, Costs, and Global Implications by PMI gives a ten-year outlook of project management-oriented employment. The report emphasises on the continual gap between the demand for project management skills and the availability of talent. It also discusses why the disparity exists, how it can affect economic growth, and the opportunities for organizations and individuals to strategically fill the gap.
According to the report, an increase in the number of jobs requiring project management-oriented skills, higher demand due to economic growth, and retirement rates will create the global need for 2.3 million project managers and changemakers will to fill project management-oriented roles every year to keep up with the demand.
But shortage of talent and lack of skills could pose a considerable risk to organizations as they rely on project teams to implement strategic initiatives on time and on budget.
Up to SGD$465 Bn at stake if the region is unable to build project management capabilities
According to the report, by 2030, PMOE in the region is slated to grow from 5.7% from 13.5 to 14.2 million. Sectors like manufacturing and construction (73.4%), and finance and insurance (13.2%) are likely to be the two largest PMOE sectors and will continue to be the top two in 2030.
The impact of the shortage of skills could be felt globally, with a possible loss of up to USD$345.5 billion in global GDP by 2030—of which $24.1 billion is at risk in the Asia Pacific region—imdicating a great need for project professionals and changemakers, to invest in their own learning and organizations to start investing in creating more project management capabilities among their workforce.
“To meet the growing demand for project managers in Asia Pacific, organizations need to build a culture of continuous learning. To foster their own talent, organizations will need to champion new learning initiatives and explore partnerships to equip employees with the necessary project management skills," said, Ben Breen, Managing Director, Asia Pacific and Head of Global Construction, PMI.
The business leaders, HR teams and L&D professionals must focus on empowering employees with power skills such as collaborative leadership, business acumen to create well-rounded employees, and mastering new ways of working such as tech-enhanced problem-solving tools.