February - Market update - Project/Program Delivery

Current Market Overview

We’re already halfway through February and the year 2024 is in full swing! Here within the Talenza Projects team we are having an array of discussions that have informed our view of the trends that are already emerging and it’s already shaping up to be an interesting year for specialists within the Projects and Transformation space!

For starters, the Program Management profession has seen changes in operating model structures, with an increasing focus on agile methodologies, cross-functional collaboration, and remote work. Companies are adapting to dynamic market demands, leading to a shift towards more flexible project management approaches and the integration of digital tools for communication and coordination. Additionally, there's an emphasis on outcome-driven strategies and the ability to quickly pivot in response to changing circumstances.

In a high interest economy, cost consciousness isn't going away and even the part of the market that has kept so many gainfully employed, regulatory, risk & compliance programs/projects are very tactical. The sentiment from the Executives is that we can't keep spending money on these Risk and Compliance projects without looking at ways to maximise some commercial or productivity gains. Therefore, the appetite to continue the previous project spend on Risk and Compliance is depleting. What does this mean? Well, it looks like the sentiment is, "we need to do more with less", so less people doing more work, which is true across all areas, whether you’re a Business Analyst, Project Manager, Change Manager or an Agile specialist.?And we are acutely aware of the effect that this can have on individuals within the workforce.

So, what is the solution and what can people looking for work do? Here are some areas of focus to be thinking about:

Continuous Learning: Stay updated on industry trends, best practices, and emerging technologies relevant to project management. Pursue certifications such as PMP (Project Management Professional), PRINCE2, Agile, or Six Sigma to demonstrate expertise and commitment to professional development.

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Expand Skillset: Develop skills beyond traditional project management, such as stakeholder management, risk assessment, conflict resolution, and change management. This broader skillset makes professionals more versatile and adaptable to different project environments.?As mentioned above, it would be even more invaluable to look into Agile qualifications as we are also seeing many Regulatory and Compliance focused Project professionals, who have largely focused on Waterfall projects, being thrust on to the market, so differentiating yourself and getting ahead of the curve is key.?

Networking: Build and maintain a strong professional network within the industry by attending conferences, joining professional associations, and participating in online forums or communities. Networking can provide access to job opportunities, mentorship, and valuable insights. Focus on enhancing your network every day, whilst also leaning into previous colleagues and their networks too.

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Demonstrate Results: Highlight past achievements and successful projects on resumes, LinkedIn profiles, and during job interviews. Employers are interested in tangible results and outcomes, so emphasize how your contributions have positively impacted previous projects or organizations. Focus on building a portfolio of achievements that will make you attractive to future employers, not just chasing today's money, this can help people build careers.

Adaptability: Demonstrate flexibility and adaptability to different project methodologies, organizational cultures, and team dynamics. Being able to navigate change and uncertainty is a valuable skill in today's dynamic business environment. Small companies want you to be work in a small company environment which tend to have immature project management practices and you wear many hats. Large companies want you to show that you can navigate a matrix structured environment, keep everyone onside, follow the processes and procedures whilst still being able to make change happen.?Companies are increasingly looking to hire broader experience and have a taxonomy of skills to lean on for when the organisation need to pivot.

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Communication Skills: Focus on improving communication skills, both verbal and written, as effective communication is crucial for successful project management. This includes active listening, presenting ideas clearly, and fostering open dialogue among team members and stakeholders.

Stay Tech-Savvy: Familiarize yourself with project management tools and software platforms commonly used in the industry, such as Microsoft Project, Jira, Asana, or Trello. Proficiency in these tools can streamline project workflows and enhance collaboration.

Embrace Leadership: Develop leadership qualities such as decisiveness, problem-solving, delegation, and team building. Employers value project managers who can inspire and motivate team members to achieve project goals effectively. There is a lack of true leaders, and these people will always have people following them into battle, this says so much about candidates.?

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By focusing on continuous learning, expanding skill sets, networking, demonstrating results, adaptability, communication, staying tech-savvy, and embracing leadership, project services professionals can significantly enhance their employability in the competitive job market.?

Happy to assist the community with guidance on this (but there are some specialist coaches and professionals who can guide you with this self development work). We’re always here to move your careers forward.

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