Disparity Between Demand and Availability of Project Talent PersistsThe 10-year outlook of project management-oriented employment projects that South Asia risks losing US$ 28.1 billion in GDP due to lack of sufficient number of project managersThe demand for project management skills continues to outstrip supply, thereby causing a ripple effect on the global economy at different levels. Our Talent Gap: Ten-Year Employment Trends, Costs, and Global Implications report is a 10-year outlook of project management-oriented employment (PMOE). It discusses in detail the persistence of the talent gap, how it can affect economic growth, and the opportunities for organizations and individuals to strategically fill the gap.The report reveals that the annual demand for PMOE is highest in China, followed by South Asia. In fact, four-fifths of PMOE growth will occur in China and South Asia alone. These two regions will have the two largest PMOE workforces by 2030, with South Asia moving past Asia Pacific and Europe.The report highlights that an increase in the number of jobs requiring project management-oriented skills, higher demand due to economic growth, and retirement rates will create a need for 25 million new project professionals globally by 2030. To close the gap, 2.3 million project managers and changemakers will need to enter these roles every year to keep up with the demand.Talent shortage is likely to pose a considerable risk to organizations as they rely on project teams to implement strategic initiatives on time and within budget. This gap is likely to impact every region, and result in a potential loss of up to US$ 345.5 billion in global GDP by 2030. In South Asia, there is a potential risk of losing US$ 28.1 billion.“Projects and the changemakers behind those projects play a vital role in the global economy and society as a whole. And while project managers are the quintessential changemakers, any individual who possesses project management skills can help steer change,” said Joe Cahill, chief customer officer at PMI. “Upskilling the workforce and empowering a new generation of talent with project management skills will be critical in narrowing the talent gap and creating positive impact. Organizations can help empower employees by providing learning opportunities, but can also spot qualified candidates by seeking out those who hold project management-related certifications.”PMI’s Project Management Professional (PMP)® certification is globally recognized as the “gold standard” of project management certifications. Earning the PMP® certification supercharges a professional’s career regardless of the industry, as it shows project leadership experience and expertise in any way of working, as well as helps organizations empower candidates to work in a smarter manner and perform better.The report highlights that projects, and successful management of them, are essential to industry and economic growth. The total GDP of projectized industries—industries with significant project management requirements—is estimated to increase from $24.7 trillion in 2019 to $34.5 trillion in 2030. The share of GDP increase due to productivity improvement in projectized industries is projected to be highest in China, Europe, and North America.“Organizations can be proactive in enabling project managers and changemakers by upskilling employees and building a culture that promotes continual learning. Now more than ever, it’s vital for employers to champion new learning initiatives and explore partnerships to equip employees with the necessary project management skills,” said Cahill. “These capabilities include power skills such as collaborative leadership, business acumen to create well-rounded employees, and mastering new ways of working, such as tech-enhanced problem-solving tools.”To learn more about the talent gap and the statistics, read the full report.