The project management economy is growing at a rate that has never been seen before with the Project Management Institute (PMI) reporting that the demand for project managers has been increasing at a higher rate than the demand for other skilled workers. Despite this, according to the PMI, 54% of organisations are not making project management a cultural priority within their teams, regardless of mountains of evidence proving that these processes make an organisation far more likely to deliver success.
So, why should project management be considered an essential skill?
Bain & Company are estimating that by 2027, majority of work will be project based as well as predicting that an increasing number of investors will begin to invest in individual projects rather than companies.
As daily work life becomes more outcome based it seems logical that an increased number of people are finding themselves navigating the world of projects, regardless of if it is not their traditional work background. As a result of the changing tides, the Project Manager skillset is now more important than it has ever been before. Without these skills, an immense amount of resources can be wasted potentially tripling in cost. PMI has reported that for every $1 billion spent on projects, there was a loss of approximately $122 million due to poor management, impractical behaviors and poor decision making. Likewise, a survey conducted by Geneca found that 80% of people spend at least half their time during the project life cycle on redoing their work resulting in a huge loss of precious manpower hours that can be easily avoided if everyone was equipped with proper project management skills.
The benefits of having everyone in your team trained with project management best practices including establishing clear and constant communication throughout the entirety of the project, planning and expecting setbacks and taking appropriate action and tracking everything related to the project cannot be cast aside. When correctly executed this can have a positive benefit across every aspect of the business, including efficient and tracked spend of time and money, the improvement of internal communications through increased transparency, accountability, and forward planning by being able to forecast issues to become proactive instead of reactive. As well as creating a greater understanding of how your team performs over a project period and contributes to the overall ROI.
With the way multiple industries are heading, project management will forever be a vital skill for organisations. Training and enhancing individual employee project management skills should be a top priority to continuously improve and keep up to date.
So, where do we come in?
Avec is able to support your team with projects and project management through providing thought leadership and consultive services.
Ultimately, efficient project management skills have the power to completely revolutionise the quality and quantity of work meaning satisfied teams, stakeholders and for external projects, clients. Who wouldn’t want that!? If you want to learn more, get in touch with the Avec team.