Project talent still in high demand - Despite signs of economic winter
vAfrican economies remain resilient with a stable outlook for 2023-2024 despite tightening global financial conditions, according to the African Development Bank.
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Globally, the signs of an economic winter are evident in figures from the International Monetary Fund, which projects a 2.9 per cent growth this year.
The outlook is more sobering for advanced economies that spur much of the world’s project activity.
Yet, even as many companies buckle up to respond to this downturn, there’s still a serious talent shortage.
According to Project Management Institute’s most recent Talent Gap report, 2.3 million people will be needed each year to fill all Project Management-Oriented (PMO) positions expected to open by 2030.
To remain competitive, companies will need to hire problem solvers and relationship builders who can help drive change and deliver strategic value.
During this decade, sub-Saharan Africa will witness a 40 per cent growth in PMO employment.
Opportunities
The continent’s average growth over the past two decades has been a steady 4.5 per cent and five per cent. Before the pandemic, six of the world’s 10 fastest-growing economies were in Africa.
When the recession induced by Covid-19 hit the developed economies, shrinking them by 5.5 per cent, Africa remained more resilient, shrinking by just two per cent.
“Despite these economic conundrums, PMI’s Job Trends Report 2023 notes that the construction, energy and information technology sectors are well placed to continue playing a key role in the sub-Sharan economy as job creators,” says George Asamani, MD, PMI for sub-Saharan Africa.
“These sectors, alongside agriculture and manufacturing, have been a cornerstone of the regional economy.
Skills shortages as the economy recovers will create significant opportunities for project talent as companies and countries fast-track projects.
Also, foreign direct investment to African countries hit a record US$83 billion in 2021, according to UNCTAD’s World Investment Report 2022.”
Reuters estimates that US$100 billion in energy projects are currently under consideration, including a US$30 billion liquefied natural gas export terminal in Tanzania backed by Norway’s Equinor and energy giant Shell.
While long-standing infrastructure and security challenges may stymie some planned initiatives, an assessment by the
International Energy Agency found that gas exports from the continent could replace as much as one-fifth of Russia’s usual exports by 2030.
Realising the full potential of foreign investments requires that mega infrastructure and energy projects are delivered on schedule, within the scope, and most important, within budget.
Demand for industry-ready project professionals essential to this task remains robust, bucking sluggishness in job additions in the broader economy.
Knowing where these opportunities will likely bubble up will empower project professionals to find career opportunities.
Navigate turbulence
Project leaders, especially those with power skills that can help organisations navigate turbulent times, will see consistent demand. Across nearly all sectors, communication is the most critical power skill to possess, according to professionals surveyed in the PMI Pulse of the Profession® 2023 report.
Overall, 68 per cent of respondents said it was the most critical power skill — followed by problem-solving (65 per cent), collaborative leadership (62 per cent) and strategic thinking (58 per cent).
Mastering such behaviours and core technical skills will make project professionals more valuable and probably less vulnerable in cases where the job market declines.
“The job market across sub-Saharan Africa has been experiencing a major boom, with project management skills in heavy demand,” says Fatuma Haghe Adan, senior project manager at AI platform Sama in Nairobi, Kenya.
The demand for a project management skill set is evident in the experience of Kenya-based Wanja Murekio, PMP, who learned from a recruitment firm that “project professionals have become one of the more expensive hires because demand is so high.”
“Across the region, many governments were still rebuilding their balance sheets when events in Ukraine moved the goalposts.
There is a continent-wide acceptance that infrastructure projects can reset the status quo.
With US$600 billion pledged by the G7 countries to fund projects in developing economies and the government’s own efforts to build back better, we could see more jobs being created that will need project management skills,” says Asamani in conclusion.