Projects play a vital role in a company’s growth. The increasing number of projects in various industries has led to the shortage of skills in the current labour pool. This has given a rise for the necessity of filling the skill gap, for efficient management of projects. For this, the companies are in need of Project Management Professionals or PMPs.
Project management is a skill, and it has to be acquired through a structured learning program. The Project Management Institute or PMI offers PMP Certification, which gives an ability to the prospective Project managers, to efficiently meet the strategic requirements of projects and confidently face the employers of various industries across the globe.
From the last decade, Information technology has opened up several job opportunities. In the United States, IT generates the highest number of jobs, as compared to any other industry, according to an IT Research Firm, IDC. Bigger IT companies in the USA, are taking over the smaller ones, thus expanding their business and operations. The expansion in operations has led an outsourcing, to the emerging markets in Asia. This has resulted in the hiring of resources from various cultural backgrounds. As a result, the IT companies are in need of Project managers, who have a standardized set of skills for managing a team and carrying out projects successfully.
Oil and Energy
Recent discoveries in the field of oil, gases and energy have opened up several career opportunities for Project managers. The discovery of new oil fields and advanced fossil fuel extraction technology has given rise to several projects. For example, recent discovery of an inactive oil field, off the coast of Brazil, and energy fields in the North Sea region of Europe, has a good potential for becoming the biggest oil producers. However, Brazil and European countries are facing a shortage of skill, including project management skills in the current work force. The gap is getting bridged through the hiring of people with good project management skills.
Improved healthcare at lower cost is giving rise to a tough competition in the healthcare industry. In the US, Patient Protection and Affordable Care is very crucial for private insurance companies. Thus, by 2017, there will be a huge generation of healthcare projects, which will in turn generate a revenue of USD$23 billion, according to CIO insights. In addition, healthcare sector is making a shift towards having digital records, thus resulting in the use of mobile devices, social media and data analytics. Henceforth, there will be a huge requirement for Project managers with IT skills in the healthcare industry.
Defence companies have been operating very efficiently with less number of staffs and complex regulations. This requires a strategic vision, for identifying key projects and then driving them towards achieving strategic goals. Such a competitive environment is creating a need for Project management Professionals, for streamlining the movement of US Air Force equipment, supplies and staffs around the globe.
From the past decade, Global construction market has seen a tremendous growth. By 2025, the construction industry is predicted to grow more than 70 percent and the major growth will be concentrated in three countries, namely China, United States and India, according to PwC Survey. The project management as a profession, is not as grown in Asia, as it is seen in developed countries. India, which is getting overpopulated, is facing an issue with regard to the infrastructure to suffice the growth. This issue has created a need for more than 1 million skilled Project managers for managing infrastructure projects, requiring compliance with complex regulations.
The increasing accounting scandals have resulted in the increase of complex compliance projects for financial institutions. Many of these organizations are now ready for a stringent auditing process, for focusing on their growth. This has given a rise to the necessity of bridging the talent gap. More than half of all the financial institutions’ CEOs are experiencing a shortage of key skills in the available workforce, which has led to a threat to their growth, according to a global PwC survey. Finance jobs in risk management now require candidates to have a degree in finance, along with certifications and skills in project management.
The PMP certification offered by PMI is a program, which does not focus on one industry or domain, unlike most of other certifications does. It focusses purely on the development of project management skill, a niche skill, which can be applied to the success of any project across various industries and domains.