PMI report on global megatrends 2022 and the impact on project management

Global Megatrends 2022 report is an analysis of the global forces significantly impacting society and the project management profession

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. The report 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.  

“This year’s Global Megatrends report highlights trends that will continue to impact both businesses and societies  across the globe. With accelerated digital transformation, climate change, demographic shifts and labor shortage,  as pressing issues for the world, they are especially relevant for APAC, where there is an opportunity for project  professionals to deliver positive impact,” said Ben Breen, Managing Director, Asia Pacific & Global Head of  Construction, PMI. “Project management is fundamental to everyday life. We are seeing the future of work become more project-based, which makes the role of project management even more critical and puts project professionals  and changemakers at the centre of all transformation.  

The report, which draws on trend data, primary and secondary research, and interviews with project managers in  the field, elaborates on megatrends that are set to influence countries and businesses in 2022 and the foreseeable future ahead. Pertinent global trends which are seeing traction in Singapore are:  

• The impact of COVID-19 significantly amplified digital disruption, with organizations quickly adopting  technologies to enhance customer service, improve project outcomes, and facilitate remote working.  Purpose, innovation, and an eye on the future will continue to guide companies in a post-pandemic world.  

o With 94% of government services being digital from end-to-end, Singapore has harnessed the  power of tech for COVID-19 pandemic measures, continuing to transform how its people and  businesses live, work and play, as well as setting its sights to becoming a world-class, tech-driven,  smart nation. 

o As a key pillar of the Government’s public service transformation efforts, Year-on-Year increase  has been noted in information and communications technology procurement in 2021 to  accelerate digital transformation, a positive sign that IT will be a prevalent force among Singaporeans in 2022. 

• Awareness of the climate crisis is prevalent in society, but action has been slow. In fact, just one-fifth of  the world’s largest businesses have set net-zero targets. Sustainability practices will need to be built into  every project and process if we are to counteract the most damaging effects of global warming. 

o The lion city’s mandate (Singapore Green Plan 2030) shows positive steps in the right direction,  however more have to be done to address this problem, and promote a circular economy, as studies have shown a clear, unmet consumer demand for sustainable products in Singapore. 

o Looking ahead, the workforce must develop skill sets in sustainability to meet future demand and  challenges with the role of a sustainability manager among the top five jobs on the rise in  Singapore.  

• Demographic shifts such as declining fertility rates and an increasing percentage of workers aging out of  the workforce will push organizations to find new ways to alleviate worker shortages and close the talent  gap, such as implementing equitable and inclusive policies to support age-diverse staff and attracting  younger employees.  

• Global labor shortages, exacerbated by COVID-19 and ‘The Great Resignation’, are rattling workplaces in new ways, that have organizational leaders questioning how they can retain and attract talent. 

Organizations will need to create a successful retention culture, align on social impact initiatives, understand the importance of work-life balance, and provide greater recognition for employee contributions. 

As the future of work becomes more projectized, project-based skills are essential to helping professionals turn  ideas into reality, and overcome complex challenges. In fact, 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 organizations deliver value through the successful completion of projects.  

The complete Global Megatrends 2022 report is available on here.