Project experts in 2030
Amidst numerous studies on the economy and its future, 2030 is fast approaching as a new decade, and with it, more and more of the new generations of professionals are entering the labour market. Speculation is growing about the need for project management professionals beyond 2030. With the expected economic growth and general economic development, it is foreseeable that the demand for professionals with project management experience will continue to increase. This is in contrast to the rising retirement rate.
A significant talent gap is already emerging over the next few years, which will be much larger than in previous years. This gap will affect not only project managers, but also change managers, who will be increasingly in demand. Against this background, it will be necessary to train these professionals in a targeted manner. There is already an urgent need for action to meet this challenge.
Risk for companies
In an ever-changing business world, the lack of skilled people on project teams poses a risk to organisations. Successful project delivery, adherence to schedules and budgets, and the realisation of innovative projects depend critically on the right human resources. Project management is particularly challenging, as it will be in greater demand than average in the coming years. However, it is worrying that many business leaders are not yet paying enough attention to this growing need for project management talent. This discrepancy between the growing demand and the current awareness of the need for suitable project managers and team members could become a significant problem for companies that are struggling to find and recruit sufficiently qualified personnel.
A key issue in this area is the attractiveness of project management roles to be filled in the coming years. The high demand for experienced managers is forcing companies to make positions more attractive. In order to make their positions more attractive, companies need to consider some important points. They should, of course, ensure that they offer competitive salaries and compensation packages that are in line with current market trends. This is critical to attracting and retaining experienced project managers. In a labour market that clearly favours employees, candidates are the ones who can choose the company, and no one wants to sell themselves short.
However, in addition to financial compensation, companies should pay attention to fostering a positive work culture and motivating working environment. This includes providing development opportunities, clear career paths and recognition of performance.
Flexible working hours and the ability to work from home are also valued by many candidates today. Work-life balance is becoming increasingly important, especially for the coming generations. Companies that do not take this into account are perceived as less attractive.
Companies should also make their projects and tasks interesting and challenging. The opportunity to work on important and exciting projects is a decisive factor for many project managers when choosing a job.
Projects as far as the eye can see
One of the reasons for the increased demand for project managers and staff with at least some experience of project management and project work is that more and more industries are becoming project-driven. This includes industries that did not think in terms of projects 20 years ago. Good examples are manufacturing, publishing, many professional services, but also insurance and finance. Utility companies, such as those that trade in electricity or gas, are also becoming more project-oriented in their day-to-day work. These sectors are growing strongly. These developments will also contribute to increased demand in a few years' time.
Importance for GDP
The talent shortage that is already emerging will be a major challenge for the global economy in 2030. It is expected that the skills shortage will result in a significant loss of global GDP as many positions in various industries remain unfilled or cannot be filled with suitable candidates. However, project-based work in general, but also across industries, offers many benefits that will increase productivity and have a significant impact, especially in Europe, the US and China. Higher productivity will go hand in hand with higher GDP, which will further strengthen these regions. But regions with lower GDPs also urgently need to increase their productivity in order to remain competitive.
In this context, the demand for project management professionals will rise sharply, as project-oriented work is seen as the key to increasing productivity. Demand for project managers is expected to be particularly high in China and South Asia by 2030. This means that project managers can look forward to a promising time when they will be courted by companies and have a wide range of job opportunities to choose from.
Despite this positive outlook, companies should not neglect the training and development of the next generation of skilled workers. Ongoing skills development will play a crucial role in the future and can be the difference between success and failure. Companies that actively invest in the education and training of their employees will be better prepared in the long term for the challenges of the changing world of work and can increase their competitiveness.
Keywords: Project management