Labour shortages, economic shifts identified among 6 megatrends —PMI

PROJECT Management Institute (PMI) has released its Global Megatrends 2022 report, an analysis of the global forces significantly impacting society and the project management profession today.

Global Megatrends 2022 helps project professionals understand the world’s rapid transformation and the global context in which they work so they can use projects to solve complex problems.

“The world continues to see ongoing change and uncertainty, impacting our daily lives at home and work,” said Michael DePrisco, Interim President & CEO and Chief Operating Officer of PMI.

“Our Global Megatrends report helps our community of project professionals understand the trend lines reshaping the future – from the climate crisis to the ripple effects of shifting demographics. To take on these challenges, project professionals must be dedicated to not only developing strong technical skills, but also cultivating an understanding of the broader strategic environment impacting their projects.”

The report, which draws on trend data, primary and secondary research, and interviews with project managers in the field, elaborates on six critical demographic, economic, and social trends.

Digital Disruption tops the list of trends identified in the report. This mirrors with what Nigerian companies are discovering with process automation, remote testing, access to real-time data and decision support, among many digital technologies proving critical to their ability to stay competitive in the changing markets,

Last year, President Muhammadu Buhari signed the Climate Change bill into law providing for, among other things, the mainstreaming of climate change actions and the establishment of a National Council on Climate Change signaling the top priority his government has accorded to climate crisis.

Declining fertility rates and high immigration amongst Nigerians is in line with the global trend of Demographic shifts and Labour Shortages, a key trend in the report. Organisations are now having to find new ways to address worker shortages and close the talent gap, such as implementing equitable and inclusive policies to support age-diverse staff, creating a successful retention culture, aligning on social impact initiatives, understanding the importance of work-life balance, and attracting younger employees.

For Nigeria, supply-chain resilience is critical to economic recovery. Economic shifts, another key trend identified in the report, has exposed supply chain vulnerabilities and globalisation setbacks. With the right strategies in place, businesses can mitigate global supply chain risks and facilitate cross-border collaboration made easy through efforts like the African Continental Free Trade Area (AfCFTA).

Nigerians are also increasingly holding companies and brands accountable. Civic, civil and equality movements are driving a genuine interest amongst companies to seek out real change including true diversity, equity and inclusion programs that give everyone the same opportunity.

“The need for transformation is imminent, and individuals and organisations must fine-tune skills that drive change,” said DePrisco. “In today’s fast-moving environment, they must draw on a robust toolkit of capabilities to cultivate new ways of working and lead their teams forward.”

As the future of work becomes more projectised, project-based skills are essential to helping professionals turn ideas into reality and overcome complex challenges.

The recent PMI 2021 Talent Gap Report states that the global economy will need 25 million new project professionals by 2030. Professionals with project management skills and a broad, global perspective of macro trends will grow in The Project Economy, where organisations deliver value through the successful completion of projects, delivery of products, and alignment to value streams. The complete Global Megatrends 2022 report is available on PMI.org here.

Project Management Institute (PMI) is the world’s leading professional association for a growing global community of millions of project professionals and changemakers worldwide. As the world’s leading authority on project management, PMI empowers people to make ideas a reality. Through global advocacy, networking, collaboration, research, and education, PMI prepares organisations and individuals at every stage of their career journey to work smarter so they can drive success in a world of change.