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Project management is one of the highest-paid as well as a highly respected job of this time. In today’s thriving economy, project management has tonnes of applications. Today’s business world is very competitive, and companies need not only fear domestic competitors but global competitors as well.
In response to such challenges, companies need professionals who can make structured plans, organize, control, and efficiently manage the resources to deliver timely results that are aligned to the organization’s goals. Also, business activities in today’s world have become more complex. That’s another reason why companies heavily require professionals who can soundly manage all of these activities.
If you are someone who is planning to get into project management, this piece of the blog will give you a decent idea of:-
- Why is the demand for project management professionals so high?
- Why is project management important & What does a project manager do?
- Why should you opt for project management?
Before going any further, let us discuss some facts and figures about project management and why it is in such high demand these days.
According to a report by PMI:-
- There is a massive gap between the demand and supply of project managers. Most of the time, companies fail to find project managers, and even when they do find them, project managers are not skilled enough. Hence, there is a huge requirement for skilled project managers.
- There would be a whopping 87.7 million PMP-related roles by the end of 2027. Quite unbelievable…huh! The reason is the changing business ecosystem and the storm of new businesses. Most of the existing project managers will retire by the end of 2027, and there will be a need for fresh and young talent.
- Adoption of project managers by a variety of industries like manufacturing, Information Technology & services, finance & insurance, etc.
- Apart from all these figures, project management jobs are financially rewarding. Project management is ranked among the highest-paid professions in the world, according to various research agencies.
I hope now you are clear why there is such an uproar about PMP recently. Let us now understand why we need project managers and why companies are ready to pay such hefty salaries to project management professionals.
Why is project management important & What does a project manager do?
In the past few decades, we have seen rapid growth in industrialization and globalization of industries. Businesses have faced massive changes such as the arrival of modern technology, environmental changes, global competition, and educated customers. And if businesses didn’t mold themselves according to these changes, they would cease to exist.
The most efficient way to tackle these issues is to divide the business’s operations into projects and assign each project to a professional who is skilled and experienced in managing it.
A skilled project management professional knows how to identify, analyze and manage risks while accomplishing the end goal of a project. A project manager deploys the necessary changes in an integrated manner and with or without the involvement of senior management. This way, a project manager adds value to an organization and helps in combating risks and threats.
Top 9 Reasons Why You Should Go into Project Management
1). Heavy Demand & Future Security:
As I said earlier, project management professionals are in huge demand. And as we are witnessing the boom of businesses and increasing competition, there is no doubt that the need for project management professionals is only going to see an upward trend.
2). Sky-high Salaries:
Project management is the second highest paying job after data science. Project management professionals are drawing attractive salaries all around the world. The reason being their capabilities to tackle risks and challenges in complex industrial scenarios. According to payscale.com, the median salary of a project management professional in the USA is $120K/annum. While in India, even after being a developing country, the PMP salaries go as high as $25K-$30K/ annum. Well, just like any other profession, do not expect a six or seven figures salary right from the start. It will take dedication, hard work, and obviously the PMP certification to get up to that level.
3). People Orientation:
If you are someone who likes to be surrounded by people and are good at managing teams, then this role suits you the best. In essence, project managers are socially active leaders who have to manage higher management and huge teams and earn their trust to carry out projects.
Just as I said, a project manager is basically a leader who needs to bring all the team members together and make them work in a collaborative environment. You will need to identify your team member’s strengths and weaknesses and use them to complete the project in the most efficient manner. If you are someone who has good leadership, communication, and delegation skills and is good at managing people, then project management is probably the best career option for you.
4). Travel Globally:
Being a project management professional, you get numerous chances to travel internationally. You can travel across the world to lead multiple projects.
5). Good Work-life Balance:
Even though project managers have to work extensively on projects, manage people and meet harsh deadlines, they still enjoy the flexibility to work in their own way. Technology like video conferencing provides the ease to manage and join teams from remote places. Hence, being a project manager, you will have a decent work-life balance.
6). Work Opportunities In Different Altitudes of Industries:
The best part about project management jobs is that they are not restricted to a specific industry or sector. This role gives you the privilege to work in varied sectors & environments. Project managers can get into almost every sector except the ones that are highly niched. That being said, you have better chances of getting a job of your preference. The most common industries that need project managers are:
- Information Technology
- Real estate development
- Software development
7). Get trained for CEO level:
The role of project managers is nothing less than a CEO. Both the CEOs & Project managers have to manage and lead teams, set directions and expectations towards the goals, and hover the entire team to meet the end goal efficiently. So, if you look at it, the project manager gets the exact training of a CEO, and for the sake of fact, there have been instances where many project managers have glided into CEO roles eventually.
8). Learning opportunity:
A project manager learns something new with each project as every project is different and needs a different approach to tackle the issues. You get phenomenal exposure to the industry and face new challenges every day that lead to your professional growth.
Unlike most jobs, you do not do the same repetitive work each day. In project management, you will enjoy a job that will provide you with various challenges every day. Each project comes with different challenges that pushes you to learn, change and adjust your thinking ability. As a project manager, you will have to focus on tons of activities like scheduling, budgeting, overseeing employees, arranging resources, and much more. The job will keep your brain on edge day in and day out.
Let’s be very honest here! Who doesn’t like to get recognition in their job? Getting that pat on the back for a job done well is something we all strive for. As a project manager, when you complete a project, you will have an amazing feeling of accomplishment and fulfillment, and on top of that, you will also get proper recognition of your hard work because project managers are a leader who always stays in the attention of senior management. But do not forget that there will be days when you will have to take responsibility for blunders done by your team members.
Being a project manager, everyone’s responsibility ultimately falls upon you. A project involves a lot of resources (both financial and human resources), so you will have to keep an eagle eye on the project progress from start to finish while meeting the end goal. So, definitely, you get rewarded for good work, but you will also pay for your team’s bad work.
To summarize, I would say that project management is a perfect job for you if you want to do something different and achieve great heights in your career. You can maintain a good lifestyle, travel worldwide, climb to higher management positions and learn a lot. With that being said, the perfect time to get into project management is now! As the demand is very high, and there is a lack of professionals to fill the gap.
Now, if you are thinking of jumping into the exciting world of a project manager, then becoming a certified project management professional is a must to reap all the benefits. But remember that to get a PMP certification, you will have to work day and night. For more information on how to get pmp certification, eligibility and other information, visit the official website of PMI. I hope you are clear about the project management and if you still have any questions, please drop ’em down in the comments section.