The Recent Tech Layoffs
If you've been paying attention to the news recently, you have probably noticed that there have been many tech job layoffs over the past couple of months. You might also have been one of those unfortunately impacted by these events. You've probably heard of the releases on Twitter and the recent ones at Meta. After learning about these layoffs, I couldn't help but think there are now good opportunities for these individuals to move to a project management career.
The numbers are staggering. Since May 1st of 2022, there have been over 828 companies that laid off technical staff. The total number of individuals laid off from those 828 companies is 104,762. Yes, that is correct; more than 100,000 workers. This does look worrisome; however, there is something that can be done about this.
Enter the possibility of switching to a project management position. Many technical people I know would not take a permanent project management position just because they love their specialized technical job. Given the current economic climate and concerns, looking into a project management job could be something to consider, even for the short term. Over 100,000 very talented individuals have now entered the category of looking for a job at another company. Undoubtedly, these individuals have either worked under project teams or are very familiar with managing their specific technical areas. This is important as even though companies needed to reduce the number of technical staff they have due to over-hiring in the past, there still is a need to get work completed. Enter the Project Manager.
The outlook for IT project managers.
The demand for IT project managers is on the rise. The US Bureau of Labor Statistics has identified that project managers are projected to grow by 7% from 2021 to 2031.
Additionally, they expect approximately 70,000 openings for project management positions each year. Over the decade, many of these openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as retirement.
Average salaries of IT project managers.
According to the US Bureau of Labor Statistics, Project Management professionals earned an average salary of $94,500 in 2021. This breaks down to about $45 per hour. Be mindful that this is an average across the U.S. Higher pay rates are associated with more populated regions.
What do project managers do?
Project managers typically perform the following tasks:
· Communicate with clients to determine project requirements and objectives
· Develop project plans to include information such as objectives, funding, schedules, and staff
· Identify, review, and select vendors or contractors to meet project needs
· Assign duties or responsibilities to project staff
· Work with project staff to identify risks and resolve problems
· Monitor project costs to stay within budget
· Monitor project milestones and deliverables
· Propose, review, and approve changes to project plans
· Produce and distribute project documentation
Once a project is underway, project managers direct the team to carry out the work. They monitor progress by tracking milestones and dealing with concerns that may arise, including adjusting the project to address changes requested by the client. Finally, they close out the project by reviewing and organizing financial statements, contracts, and other documents.
Why are project managers essential?
Project managers reduce risk and save companies money. That is the bottom line and what is most important for organizations.
Due to the pandemic, many organizations have come under new regulatory requirements over the past couple of years. Because of this, they also need people who can support the processes and manage the risks, to meet this compliance need. Let's also add in the market for cybersecurity, and one can see there is more of a need to have someone oversee all these loose ends to help support the organization's objectives.
Requirements to be an IT Project Manager
Educational requirements for IT project managers vary by employer, but many project managers are usually required to hold a bachelor’s degree in a related field. This is where there is an advantage to someone transitioning from a technical position. They most likely already have a bachelor's degree at a minimum.
When it comes to technical project management, it is often the case that companies will look. Individuals who have. That specific. Technical knowledge. In many cases, the employer will overlook it. The fact that they might not have. Project management experience. Just because they have this technical knowledge.
Some companies still need someone to run their projects. They will train these technically skilled individuals on essential project management skills. Some examples would be to provide CompTIA Project+ or PMI’s CAPM certifications.
Now Is the Time to Get into IT Project Management
The job outlook for IT project managers is better than it has been in years and, as noted earlier, is expected to keep growing. According to PMI’s Talent Gap: Ten-Year Employment Trends, Costs, and Global Implications 2021, the global economy needs 25 million new project professionals by 2030.
You can become an IT project manager by:
· Gaining relevant skills
· Pursuing work openings looking for IT project managers.
· Looking to get project management training and certifications
If you’re serious about becoming an IT project manager, Puro Consulting is an excellent first step to learning about options to make this transition. We will be offering introductory training and a free 30 consultation to discuss what options are available to you and to see how I can help you transition to this exciting and rewarding career.
