Mumbai, May 19, 2017– A new Anderson Economic Group (AEG) analysis commissioned by the Project Management Institute (PMI) finds the project management profession will outperform total global job growth over the next decade, creating millions of new positions in India that pay highly-competitive wages. Findings released today in PMI’s report, Project Management Job Growth and Talent Gap 2017-2027, found that through 2027, India will emerge as the fastest growing country in the world for project management-oriented employment.
The growth in project management oriented occupations will be on account of expansion in key sectors like Manufacturing and Construction, Information Services/Technology & Publishing and Finance/ Insurance.
Within India alone, more than 70 lakh new project management jobs will be open over the next decade in project-oriented industries – the largest growth rate (48 percent) of the 11 nations studied. Additionally, by 2027, India will have the second-largest number of project management-oriented jobs in the world (218 lakh), behind only China (460 lakh).
The project management jobs outlook continues to outshine the overall labor market due to both growth and attrition. However, the potential talent shortage puts at risk a total of nearly US$208 billion in GDP from 2017–2027 for the 11 countries assessed —and 11 percent (US$23.4 billion) of that amount is at risk from India.
“As the project management profession continues to show considerable growth, the global shortage of project talent will present exceptional opportunities for qualified professionals to begin and advance their careers,” said PMI President and CEO Mark A. Langley. “Executives will face increased financial and human resource risks due to this talent gap. Organizations will find themselves competing for this critical talent, so it’s essential that they implement best practices, as finding and retaining qualified project personnel can positively impact an organization’s strategy and bottom line.”
In the 11 countries analyzed, from 2017-2027, 70 percent of the 22 million new project management jobs will come from the manufacturing and construction industries and the information services and publishing sector, according to the analysis. Other key industries that will see job growth include:
- Manufacturing and Construction – 97,43,709
- Information Services & Publishing – 54,50,122
- Finance & Insurance – 46,10,811
- Management and Professional Services – 17,07,506
- Utilities – 2,78,706
- Oil & Gas – 48,629
In the next decade, the most job growth across all the countries analyzed in the study is expected to occur in manufacturing and construction with more than 97 lakh new roles. Information services and publishing will account for the second-largest increase with nearly 55 lakh new roles; finance and insurance will create more than 46 lakh roles, and management and professional services will see the addition of more than 17 lakh new positions.
The countries analyzed for the study include Australia, Brazil, Canada, China, Germany, India, Japan, Saudi Arabia, United Arab Emirates, United Kingdom and United States.
Commenting on the report Raj Kalady, Country Director, Project Management Institute, India said “India will need 70 lakh skilled project managers in the next 10 years, in order to avoid delays and escalation of budgets in projects in key industries like roads, railways, IT and manufacturing. These sectors are going to see large scale investments along with important programs such as Digital India and Smart Cities. The key to enable timely completion of projects is to have qualified project managers to execute the plans and investment as they are important contributors to our nation’s wealth, economic growth and a better standard of living for citizens”.
ABOUT THE REPORT
The 2017 talent gap report is the third assessment of project management employment and industry activity conducted by the Anderson Economic Group (AEG) for PMI. Using available data, AEG projected the size of the talent shortage for project management-oriented occupations of industries that rely heavily on project management in the U.S. and ten additional countries. AEG also developed a method to estimate the economic costs from failure to prepare new project talent for future job openings.
The 2017 methodology aligns with the two previous talent gap assessments conducted in 2008 and 2012. The 2008 analysis evidenced growth in jobs in project management-oriented occupations and industries, a trend that has continued in 2012 and 2017.
About PMI India
Project Management Institute (PMI) is the world’s leading not-for-profit professional membership for project management. While the chapters have been in existence earlier, PMI India commenced its operations in 2008 with the sole objective of advocacy for the profession of Project Management. The 8 chapters are located at Mumbai, Delhi, Bangalore, Hyderabad, Kerala, Pune, Chennai, and West Bengal. PMI works with various corporate giants, Central Govt. and State Govt. to help institutionalize standardized project management practices within its different departments that helps curb cost overruns and ensures timely completion of projects. PMI’s professional resources and research empower more than 700,000 members, credential holders and volunteers in nearly every country in the world to enhance and advance their professional life.