6 Challenges in Project Management Today

PMI’s Global Megatrends 2022 Report has been released. This report provides an analysis of the major global forces that are affecting society and project management today.
This report is designed to help project professionals understand the world’s rapid change and the global context within which they work, so that they can use projects for complex problems.
Michael DePrisco, Interim President and CEO of PMI, stated that “the world continues to experience ongoing change and uncertainty which impacts our daily lives at work and home.” “Our Global Megatrends Report helps our community of project professionals understand which trends are shaping the future, from the climate crisis to shifting demographics. Project professionals must not only have strong technical skills but also understand the wider strategic environment that impacts their projects in order to meet these challenges.
The report is based on primary and secondary research, trend data, and interviews with field managers. It identifies and explains 6 demographic, economic and social trends.
Digital disruption was amplified by COVID-19’s impact. Organizations quickly adopted technologies to improve customer service, project outcomes, and enable remote work. Companies will continue to be guided by purpose, innovation, and a keen eye on the future in a post-pandemic environment.
Although there is widespread awareness of the climate crisis, action has been slow. Only one-fifth (or less) of the world’s largest companies have set net zero targets. If we want to combat the most harmful effects of global warming, sustainability practices must be integrated into every project and every process.
Organizations will need to be able to address demographic shifts such as declining fertility rates and an increase in workers retiring from the workforce. This will require them to implement equitable and inclusive policies to support older staff and attract younger employees.
Globalization setbacks and supply chain vulnerabilities have been exposed by economic shifts. While rebuilding domestic supply chains is time-consuming and difficult, globalization is still at an historic high level. Businesses can reduce global supply chain risks and facilitate cross border collaboration if they have the right strategies.
Global labor shortages are being exacerbated by The Great Resignation and the COVID-19 pandemic. This is causing organizational leaders to question how they can retain and recruit talent. Organizations will need a culture of retention that aligns with social impact initiatives, recognizes employee contributions, and provides greater recognition.
As social unrest continues to rise, social protests will continue and are likely to continue. Companies are increasingly compelled to work together to achieve real change and collaboration as a response to civil, civic and equality movements. This includes true diversity, equity, and inclusion programs that allow everyone to contribute and grow.
Project-based skills are becoming more important as the future of work becomes increasingly projective. They allow professionals to turn ideas into reality and overcome complex problems.
According to the PMI(r), 2021 Talent Gap Report, there will be 25 million more project professionals in the world by 2030. Project management skills and a broad perspective on macro trends will be a key part of The Project Economy. This is where organizations create value through successful completion of projects, delivery products, and alignment with value streams.
DePrisco stated that “the need for transformation is imminent” and that individuals and organizations need to develop the skills necessary to drive change. “In today’s fast-moving world, it is essential to be able to adapt quickly.”