Over the past several years, companies have come to rely more heavily on project management professionals to help keep teams focused while implementing strategic initiatives and developing new solutions. This has inherently increased demand, creating new opportunities for those focused on the field.
However, the career potential may be more significant than it appears on the surface, as a growing talent gap means there are fewer skilled project managers than the market hopes to find. This means that those with the right skill set can command higher salaries and experience greater career progression than in certain other industries.
If you are interested in learning more about the opportunities project managers may encounter, here’s what you need to know about the current climate.
The Size of the Skills Gap
It is estimated that by 2027, there will be approximately 90 million project management-related positions that will need to be filled. Opportunities will exist in essentially every sector, ranging from manufacturing, to finance, to IT.
However, demand is expected to far outpace the available supply. While this may spell trouble for companies, it represents a boon for those who decide to focus their careers on project management, as the number of potential jobs could be incredibly plentiful as a result of the imbalance.
An International Issue
The demand for project managers isn’t limited to the United States. Businesses operating in China, India, Japan, Brazil, the UK and many other countries also rely on individuals with these skills to obtain their goals. While this doesn’t mean project managers need to relocate to find lucrative roles, it does indicate the demand is effectively universal in business, and that can increase opportunities and salaries across the board.
When demand outpaces supply, wages generally rise as companies compete for the small pool of available talent. Currently, project management professionals can already earn more than similar professionals who aren’t oriented in the project management area, and the difference may actually widen as time passes.
Additionally, organizations place a high value on project managers as they rely on these workers to ensure their objectives are met in a timely manner and the projects themselves are successful. Without the proper expertise, businesses may see high-dollar projects fail, and that isn’t something many would want to risk.
Currently, the median annual salary for project managers in the U.S. is $108,200, though the precise amount will vary depending on a person’s location and the amount of experience they bring to the table. Furthermore, having additional qualifications like certifications can also bolster a person’s value, allowing them to secure higher than average levels of compensation.
Ultimately, project management is set to be a highly lucrative career path for years to come, making it a smart choice for those who are interested in the field and willing to acquire the necessary skills to be successful in these roles.
If you are looking for a position in project management, the team at The Squires Group can connect you with top employers throughout the area. Contact us today to learn more about our available jobs and see how our services can help you take the next step in your career.