Knowing the value of project management certifications, experience and skills can be a great advantage for organizations seeking to fill project management roles, as well as for individuals competing to qualify for those roles. To offer informed insight into this area, PMI publishes its biennial salary survey. It is an industry-leading source of data, giving project management practitioners a greater awareness of their earning potential and helping employers, compensation committees, human resource departments and executive recruiters to better determine salary ranges.
The 10th edition of the survey incorporates information from more than 33,000 project management practitioners in 37 countries across the globe. The report includes eight major position descriptions and levels in its data, offering important insights on roles ranging from entry-level project managers to senior executives.
Certifications such as PMI’s globally-recognized Project Management Professional (PMP) provide a significant advantage when it comes to salary and earning potential. 36 per cent higher on average in India and 23 per cent globally across the 37 countries surveyed.
More than two-thirds of survey participants (70 per cent) report that their total compensation (including salary, bonus, and other forms of compensation) increased over the 12 months prior to completing the salary survey. About one-quarter (26 per cent) reported increases of at least 5 per cent over that time period. Twenty-seven percent of participants reported salary increases of at least 5 per cent in the year before they completed the survey.
The PMP certification offers the greatest advantage in South Africa, where PMP holders report a median salary that is 58 per cent higher than those who do not hold the certification. India ranks 6th in the list with 36% earning advantage over those without PMP certification
“The data provides awareness about how skill level, experience, and project management certifications impact salaries of project professionals across different industries globally and can provide them substantial earning power in a dynamic job market. The data is critical in helping recruiters, human resources, and compensation professionals establish fair and equitable salaries for project management roles within their organizations.” said PMI India Managing Director Mr. Raj Kalady.
Project Management Professional (PMP)
The PMP certification was created and administered by the Project Management Institute (PMI) and is one of the most recognized project management certifications. The certification demonstrates that you are competent when it comes to managing projects and project teams.
So what are the right skills?
The PMI Talent Triangle captures the competencies organizations are telling us they need in their project managers to stay relevant and competitive in today’s global market.
The PMI Talent Triangle provides a framework you can use to think about how to manage your skills.
The talent triangle includes three categories of skills: technical product management, leadership, and strategic and business management.
PMI created the Talent Triangle to describe the types of skills, competencies, and behaviors for their project managers to be successful.
The critical skills they identified were problem solving, adaptability, leadership, creativity and innovation and emotional intelligence.
Needless to stress that successful project implementation of all the national programs such as Make In India can be achieved by getting the basics right. It is often said that for the right type of project, get the right type of manager. An important point to be remembered is the extensive use of technologies; if the employees are skilled workers and trained project managers, automation will create more jobs rather than job loss.
The Anderson Economic Group (AEG) analysis commissioned by the Project Management Institute (PMI) finds that the project management profession will outperform total global job growth over the next decade, creating millions of new positions in India that pay highly-competitive wages.
The figures predict that nearly 22 million new jobs will be created during the next ten years worldwide and by 2027; employers will need approximately 88 million individuals working in project management-oriented roles. Within India alone, more than 7 million new project management jobs will be open over the next decade in project-oriented industries.
