“The global economy needs 25 million new project professionals by 2030, due to economic growth, an increase in the number of jobs requiring project management-oriented skills and retirement rates, a new report finds. To close the talent gap, 2.3 million project managers and changemakers will be needed to fill these roles every year to keep up with the demand, according to the Talent Gap report from the Project Management Institute” (Source: https://www.techrepublic.com/article/25-million-new-project-professionals-are-needed-by-2030/)
A few years back we wrote a short blog entry that highlighted the risks that automation would remove 350 million jobs by 2030. Based on the above news story it would be sensible for organisations, educational institutions and governments to focus on retraining some of these folks in project management because right now with this current shortfall of PM talent of 2.3 million per annum it may pose a considerable risk to organisations as they rely on project teams to implement strategic initiatives on time and on budget.
As quoted on TechRepublic “The talent gap is likely to impact every region, which could result in a potential loss of up to $345.5 billion in global GDP by 2030 if jobs go unfilled, according to the report.
“Interestingly, our findings also show that the benefits of increased productivity correlate with a higher GDP,” the report noted. “The share of GDP increase due to productivity improvement in projectized industries is projected to be greatest in Europe, China, and North America. In order for regions with a lower GDP to sustain growth, higher levels of productivity held up by PMOE will be vital to their future.”
China has the highest rate of job openings (1,022,256) through 2030. South Asia follows with 504,363, Europe with 131,715 PMOE openings and North America with 128,088 job opening”
A $345 billion impact is pretty significant. It’s time to retrain the older workforce and provide younger ones with access to solid project management training and practical work experience. I have no doubts organisations will act on this to ensure it doesn’t happen. Skills shortage does provide a serious hurdle for organisations for example right now after Covid pandemic restaurants and entertainment venues simply cannot find the staff…..those industries have been decimated. I went to a Malaysian restaurant for a curry and it tasted Thai….I complained and the owner said I am sorry we could only find someone who can make Thai food we lost all our staff last year. This wasn’t exactly a big deal but it highlights the challenges of skills shortages as organisations simply can’t deliver the service to the quality expected by the customer.
