Project Management Job Search: Navigating an Up and Down Market

Over the last few years, we've been hearing that the economy is strong and the job market is thriving. PMI has predicted that the demand for project managers will grow 33% over the 10 year period between 2017 and 2027, and the World Economic Forum, in a report published last year, predicts similar growth through 2033. It's clear that project management as a field is expanding, especially in the age of AI.

But lately, I've been hearing a different story from job-seeking project managers. Many are finding the market to be tough, and the reality isn’t matching the forecasts. So, what’s really going on? I set out to uncover some answers and offer hope for those feeling discouraged.

You Are Right – This Job Market is Up and Down!

While it is true that inflation is calming down, the general economy is in good health, and overall, the employment rate has been at a historic high for much of the year, at the same time, hiring across a few sectors, including project management, is actually down by over 20% over the last six years. Business Insider is calling this the beginning of a “white-collar recession,” with the mid- to high-level positions being impacted the most.

So to everyone who is struggling to find a job right now, I want to formally tell you that you are right: the job market is a little tight. You are not alone.?

Why Has Hiring Slowed Down in Project Management?

No one can say for certain why hiring is so low for project managers. While the reasons for the slowdown in project management hiring are complex, several key factors help explain the challenges job seekers are facing:

Caution from Employers and Employees

Employers and employees right now are like poker players holding onto their chips, waiting to see what happens on the river. According to the Bureau of Labor Statistics, job openings and hiring are trending down, and fewer people are leaving their jobs. With all the uncertainty about what the economy might do in the new year, employers and employees alike are playing it safe and staying put.

AI is Stirring Things Up

AI is the big buzzword these days, and it’s making waves in hiring. Companies are pausing to figure out how they can use AI to automate tasks or make their teams more efficient. This means some hiring managers are rethinking the kind of project managers they need—or holding off entirely while they figure out how to use AI in the best way.?

Some Industries are Feeling the Squeeze

If you’re in construction or manufacturing, you know the drill—those industries go through ups and downs naturally. But even tech, which is usually steady, is feeling the crunch this time around. Overhiring during the pandemic means there’s a lot of competition now, with too many skilled candidates and not a plethora of jobs to go around. However, project management is a skill that goes across industries, and I have seen many project managers get jobs, so it isn’t all bleak.?

Skills, Skills, Skills

The job market is also changing in terms of what employers are looking for. It’s not enough to just know project management inside and out anymore. Companies are on the hunt for people who can bring a mix of technical skills, like data analysis or AI know-how, alongside industry-specific expertise. Even though some companies have a laundry list of specific skills/technologies desired, they typically don’t get what they want. Most PMs have experience with all types of systems that companies are looking for, even if it isn’t a specific vendor or product.

Upskill with Intention

• Focus on AI and Emerging Tech: AI is shaping the future of project management. Consider certifications like PMI’s “Citizen Developer” or one of their many courses on AI in Project Management. These show employers you’re ready to tackle the tech revolution.
• Hone Your Power Skills: Leadership, adaptability, and communication are more critical than ever. Think of these as your secret weapons in today’s hybrid work environments. Find opportunities to practice these skills through volunteering or groups like Toastmasters.

Showcase Communication in Interviews

• Be Prepared: Walk in with thoughtful, tailored questions for each person you meet. Not only does this show you’re serious, but it also demonstrates your understanding of the company’s needs.
• Problem-Solving Stories: Don’t wing it—prep examples of how you’ve tackled challenges in the past.?
• Listen Like a Pro: Active listening isn’t just polite; it’s powerful. Pay close attention to what your interviewer says, and respond with thoughtful insights or follow-up questions.
• Most people don’t rank the highest in communications during interviews but then just write it off to the job market.? Own and practice communication skills.

Expand Your Horizons

• Explore Other Industries: Fields like healthcare, education, and government are increasingly recognizing the value of project management. Green energy fields are also gaining more traction and popularity. Cast your net wider, and you might be surprised at what you catch.
• Consider Relocation or Remote Work: Certain cities or regions may have a stronger demand for project managers. Alternatively, a remote role could open up opportunities you hadn’t considered.

Leverage Your Network

• Reconnect and Expand: Reach out to former colleagues, connect on LinkedIn, and attend industry events, webinars, or networking events. You never know which conversation could lead to your next role. Volunteer opportunities are also a great way to network.? I talk to so many that limit themselves by not reaching out to their network.
• Consistency is Key: Networking isn’t a one-and-done deal. Make it a habit, and keep the momentum going. Many success stories start with a simple connection.

Consider Consulting

• Short-Term Projects: Contract work keeps your skills sharp, adds to your resume, and could even lead to full-time roles.
• Check Out Platforms: Sites like Upwork or project-specific job boards are great places to start.

Stay Resilient

• Avoid Burnout: Break your goals into manageable steps, celebrate small wins, and take the time to enjoy yourself. As urgent as it may be to find a stable position, don’t make it your life or feel compelled to be on the hunt in every free moment.
• Seek Support: Join professional groups or find a mentor to keep you motivated and provide guidance.

Not all of these tips will be practical or feasible for everyone, but I hope that if you are in the midst of a job search, something can provide you with inspiration and renewed motivation. The job market, like any other part of the economy, is cyclical. There are ups and downs, but the key is staying adaptable, keeping an eye on new opportunities, and knowing that sometimes the right fit takes time to materialize. Lean on your network, upskill where you can, and remember that persistence pays off. This challenge won’t last forever—stay the course, and better opportunities will come your way. We’ve seen it before, and we’ll see it again.?

I mentioned AI and communication in the article; check out my other articles on this topic:

• AI Prompt Engineering for Project Managers
• The AI Revolution of Project Management
• Communication Tips for Project Managers
• Intentional Communication for a Better Workplace