A new report from the Project Management Institute (PMI) has highlighted the importance of power skills for project professionals to navigate the changing world of work and embrace smarter ways of working.
The latest edition of PMI’s Pulse of the Profession report underscores the fact that businesses that are sufficiently tapping into power skills, in addition to technical skills and business acumen, are found to be better at handling complex project challenges, market changes, technological adoptions, and socioeconomic pressures.
This is reinforced by survey figures PMI recorded, with 70 per cent of Australian organisations that highly prioritise power skills having seen their projects successfully meet business goals. In contrast, only 35 per cent of their projects experienced scope creep, and they experienced less budget loss (22 per cent) when a project failed.
Globally, organisations prioritising power skills are approximately three times more likely to report high benefits realisation management maturity, which is considered the leading key driver for project success. Furthermore, they are two times more likely to state high project management maturity, and approximately three times more likely to report high organisational agility.
While nine out of 10 project professionals across the globe agree that power skills help them work smarter, organisations face challenges in prioritising the development of power skills. The report noted that cost is the number one barrier to developing power skills, followed by a lack of perceived value. Further to this, project professionals said they spend 46 per cent of their professional development hours on technical skills and only 29 per cent on power skills.
“In a time where skills shortages are plaguing many industries around the country, the benefits of upskilling employees is clear,” Ben Breen, Managing Director for Asia Pacific and Global Head of Construction at PMI, said. “Heading into a new year, now is the time for Australian leaders to reset and focus on equipping employees with skills that are going to build individual capabilities and achieve project goals.
While technical skills and business acumen will always be important in project management and across the board, our research shows leaders must prioritise the development of power skills to drive successful outcomes, a better work environment and well-rounded teams primed for future success,” Breen added.
