It’s that time of year again! For project managers, the Project Management Institute’s (PMI) Pulse of the Profession is like an annual new installment in Harry Potter or Game of Thrones, rife with new twists and turns for business. We take a look at the report to check up on project management’s three major vital signs: culture, talent, and process.
Chances are if you’re a high-performing organization, you’ve got an exceptional project management culture. Such a culture values its employees, and its employees in turn value the company and are motivated to help achieve its objectives. A strong project management culture will actively engage with executive sponsors, will strongly align projects to the organization’s strategy, and will have a mature project, program, and portfolio management strategy. For instance, if you’re a high performer in 2015, your company is 44% more likely to understand the value of project management compared to low performers, and 37% more likely to actively engage sponsors. The study finds that at least 64% percent of projects will be successful for a culturally attuned company.
Of the three categories analyzed, talent seems to be the “sore spot” for most organizations. A mere 17% of those surveyed believe their company is prepared to handle a change in business conditions. Attempts to implement strategies are significantly reduced by talent deficits, to the tune of 40%. Investment is an important concept to consider when hiring or training project managers. High-performing organizations are 49% more likely to provide continual training for PMs than their low-performing counterparts.
A mounting body of research by PMI shows unequivocally that aligning a standardized set of project management practices with organizational goals creates success stories. PMP Daniel Svoboda of Key Bank is quoted as saying, “I do not differentiate strategy implementation and project success.” Certainly, a one-size-fits-all approach is not appropriate in every organizational setting, but the numbers show that the presence of formal processes to mature PM practices is 40% more common in high performing companies. Those same high performers are 37% more likely to have standardized PM practices. It’s hard to argue with those numbers!
Read the full report at: http://www.pmi.org/~/media/PDF/learning/pulse-of-the-profession-2015.ashx