The project management profession will outperform the total global job growth over the next decade, creating millions of new positions in India that pay highly-competitive wages, according to an Anderson Economic Group (AEG) analysis commissioned by the Project Management Institute (PMI). Findings released in report – Project Management Job Growth and Talent Gap 2017-2027 – finds 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 or technology and publishing and finance or 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 per cent) 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 labour 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 per cent (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,” says Mark A Langley, President and CEO, PMI. “Executives will face increased financial and human resource risks due to this talent gap. Organisations will find themselves competing for this critical talent, so it is essential that they implement best practices, as finding and retaining qualified project personnel can positively impact an organisation’s strategy and bottom line.”
In the 11 countries analysed, from 2017-2027, 70 per cent 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: