Being a project manager is one of the best career paths due to its numerous benefits. On the other hand, there are also some setbacks that one has to cope with. Statistics from Anderson Economic Group state that there will be an increase in project managers by 2030.
This is because of the high demand for project management skills in almost all industries, such as information, manufacturing & construction, management, and utilities, to name a few. In this post, I have articulated all you need to know about why you should be a project manager and the pros and cons of this career path.
The Importance of Project Management
Tremendous changes have been witnessed in the past decade, such as technological changes, the development of new products and services, educated customers, and more. Such changes have resulted in a considerable turnaround in how companies conduct their businesses. A company that does not conform to such changes faces stiff competition from its counterparts.
That’s why a project manager is crucial as they analyze risks and potential, which are imperative in the company’s future growth. In addition, project managers have the qualities required in running small and large projects. They run the projects while considering the contemporary world demands and changes.
What Does a Project Manager Do?
The overall role of a project manager is to add value to the organization, have insights into risks, and achieve the designated goals. Below are some of the specific roles of a project manager:
- Planning and scheduling projects before they are executed. They also set project directions and timelines.
- Managing resources which entails the allocated funds for the project and the team members who will work on the project. Project managers are expected to deliver results while considering the cost factor.
- Boosting the team’s morale. Project managers work with different kinds of people in their projects and they are required to encourage them for the project’s success. Rewarding is also necessary to ensure that the team members enjoy their efforts.
- Exercising the changes. Project managers are also referred to as change agents as they are required to deploy change and ensure it is effective.
Pros and Cons of Being a Project Manager
Here are some of the pros and cons of being a project manager.
1. A Lucrative and Demanding Career Path
According to indeed, a project manager’s average annual base salary is approximately $82,795. They also have other benefits such as bonuses, insurance covers, profit sharing, relocation assistance, paid time off, and employee discount. All these advantages make project management to be a lucrative career path.
Moreover, there is a high demand for project managers, which increases the chances of securing a job. Projections indicate that project managers will increase by 22 million new jobs by 2027.
2. Every Day Is Different
Project management is not like other usual jobs, which have a fixe schedule. This is because PMs work on different projects and work with different people. Therefore, it is one of the most exciting jobs, and one rarely suffers from burnout and boredom.
Working in different environments and with different people increases satisfaction and the morale to work. This allows the project manager to have an easier time executing the project and managing the team.
3. Improves Your Soft Skills
A project manager interacts and talks to people daily when giving them directions and instructing them on how to work. By doing so, a PM will upgrade their soft skills such as communication, mindset, skills, and attitude. Most stakeholders will ask the project managers to make presentations and present emerging ideas to the team members.
This is essential in boosting confidence and helps one gain numerous valuable skills.
4. Gaining Knowledge
In project management, one works in numerous and diverse environments that help gain knowledge and boost skills. For instance, one can be working in the utility sector, and their next project will be on marketing. During these projects, one gets into deep research, which helps in garnering knowledge and skills.
It also makes one a well-rounded person by gaining skills such as organization, planning, and being focus-oriented. A PM with adequate knowledge is considered a top talent for the project as they will be able to maximize the project’s potential and develop a winning strategy.
5. An Opener for Other Career Paths
Over the years, project management has proven to be an opener to numerous opportunities due to the vast experience and challenges that one faces. In addition, one works with numerous investors, and employees, and is involved in making crucial decisions. One of the main opportunities that one can become when working as a project manager is a CEO.
This is because most of the challenges and experiences are common in both project management and being CEO. In addition, one can also become a manager of their own businesses as they have garnered substantial experience to help them run their own activities.
1. Intense Responsibility
There is a lot of responsibility that comes along with running projects. You should also note that not all projects will have the designated results. In case a project fails or records results that were not expected, all the blame is directed to a project manager.
As such, one has to deal with the negative comments and blames when the expected results are not witnessed. However, the best thing is to learn from previous mistakes. This helps one ensure that they are prepared in case of any errors.
2. Dealing with Uncertainty
Although project management is one of the most lucrative careers, there are a lot of uncertainties that one has to deal with. This is because projects cannot be predicted and one works hoping that the desired results will be achieved. In most cases, project managers work under trial and error.
They try new things during the project, and numerous mistakes arise before finalizing it.
That’s why there are learning management systems that help project managers learn from their previous blunders and improve their skills. In addition, learning management systems help PMs track their progress, produce reports, and generate better strategies to boost their performance.
3. Dealing with Employees and Stakeholders
This is a common setback with most project managers, as most stakeholders and clients have high expectations. In case one does not meet these expectations, there is a lot of pressure that may lead to conflicts. Moreover, when pressure rises, the performance decreases.
On the other hand, some employees may doubt the credibility of a project manager. In such a case, communication will be problematic, which will mount up numerous working complications.
4. Change in Working Environments
Being a project manager forces one to work with numerous companies and team members. This requires one to adapt to numerous cultures and working conditions which may be quite tough for some PMs.
Currently, there is a high demand for project managers as most industries require project managers to record substantial business growth. Nonetheless, there are several challenges that one has to deal with. The main advantages of being a PM are that the career is highly demanding, has a high pay, boosts knowledge and skills, and one engages in different tasks, which breaks boredom.
But one has to deal with some setbacks such as intense responsibility, communicating with employees and stakeholders frequently, adapting to numerous working environments, and dealing with uncertainty.