Hiring Project Managers Amidst High Demand

The Project Management Institute expects 22 million new project management job openings through 2027. And, according to their Talent Gap report, it will take 2.3 million people per year to fill all project management positions expected to open by 2030.

What is driving this growing demand? In today’s tumultuous market, companies continue to experience an unprecedented rate of change. Our post-2020 reality has forced many businesses to shift priorities, accelerate adoption of digital tools, and, in some cases, entirely re-adjust their business model.

Leaders now realize that success in this ever-changing environment requires a strong operational foundation that maximizes investments across their operations. Project managers (PMs) are an essential component of this foundation. 

Let’s take a look at the PM assignments, rates, and skills now taking center stage as a result, as well as what to look for when seeking an effective PM to ensure your IT projects meet business needs and operational goals.

2 top assignments for project managers

Given the tech initiatives that have grown in popularity this year, we’ve seen two specific types of project manager assignments on the rise. Both are particularly well suited to contractors. In addition, both are ideal for project management because they often require experienced resources with tool-specific expertise.

Systems modernization and upgrades

Companies must have a strong digital backbone in order to compete in today’s increasingly online business world. This is particularly important for government agencies, as their systems have generally lagged behind corporate Canada.

Systems integration

Companies are quickly adopting new tools and technologies as their digital operations evolve and mature. It’s important to ensure all solutions are properly integrated in order to achieve the maximum return on investment. 

In-demand project management positions

Project managers have become pivotal to the success of business-critical projects. From their expertise in proven methodologies and stakeholder management, to their understanding of the behavioral aspects of collaboration, to their adept communication skills, PMs are an indispensable asset. 

As a result, we’re seeing the following project management positions increase in demand:

• IT Project Manager

• Program Manager

• Business Project Manager

• Product Manager

• Agile Scrum Master

It’s no surprise that the increasing value these PM titles can deliver is reflected in their compensation rates. Let’s take a closer look at the current state of the market.

Project manager market rates in Canada

Knowing how to create a competitive compensation package for in-demand PMs means knowing what you’re up against in the market. Here is a snapshot of current market rates, across experience level and position type, to help inform your PM compensation strategy:

You may be asking: What influences these rates? In this current business climate, it’s all about demand. 

The ongoing talent shortage makes project management experts even more critical resources when taking advantage of sought-after technologies like Customer Relationship Management (CRM), cloud computing, and Enterprise Resource Planning (ERP).

Expected growth rates of each, from 2021-2029:

CRM: $57.83 billion to $145.79 billion

Cloud: $405.65 billion to $1,712.44 billion

ERP: $45.82 billion to $49.28 billion

Key project management certifications 

Once you’ve developed your PM compensation strategy, it’s equally important to determine whether a PM candidate is the right fit for your organization. That begins with looking at their experience. 

Project management is an ever-evolving profession, one that necessitates constant training and new skills development. Given the high demand for project managers, verifying their certifications and education is a good place to start when assessing viability. 

These are some of the common, and reputable, credentials to look for:

• The PMP (Project Management Professional) certification is the most recognized program and is considered the gold standard

• The Certified Associate in Project Management (CAPM) certification provides a strong foundation for new PMs.

• PRINCE2 Foundation or PRINCE2 Practitioner are considered among the best credentials in the industry

• The International Association of Project Managers (IAPM) offers a Certified Agile Project Manager designation

4 career skills successful project managers embrace

When it comes to being a successful PM, practicing proven methodologies and holding industry certifications is a good place to start. But to truly excel, PMs must build additional, sought-after capabilities. That’s why it’s crucial to look for these four additional career skills in your next project manager (and to develop these within your existing team, as well):

1. Emotional intelligence (EI): EI accounts for an astonishing 70%-80% of management success.

2. Commitment to stakeholder engagement: Aligning to both organizational objectives and the needs of users impacted by change has a positive impact on project success.

3. Excellent communications: Strong communication skills enable projects to progress smoothly and meet completion timelines.

4. AI expertise: Understanding effective use of AI tools leads to deeper trend insights, improved project efficiency, and more valuable answers to business-critical questions.

Access the full staffing guide for a deeper dive

In addition to what we’ve covered here, it’s important to keep in mind that other factors impact how modern project managers work. Download the Guide to Staffing Project Management & Business Analyst Talent for helpful tools and insights to understand the current landscape and develop a staffing strategy that works for your organization.