By Professor Adam Boddison, chief executive of Association for Project Management (APM)

Project management is no longer a niche requirement. The financial and professional services sectors have seen an increase in project-based working to drive and deliver economic and social benefits to help them succeed. This rise in the ‘projectification’ of working should come as little surprise, as project management is, after all, about delivering in the face of change, or delivering change itself.

More business leaders, including those in the financial sector, are acknowledging the value of applying project-led approaches more broadly. Understanding of what constitutes a project is also changing. More employees in a wide variety of business functions are evaluating their work in terms of projects rather than ‘tasks’, with outputs, outcomes or benefits being delivered through planned change, balancing the constraints of time, cost and quality.

While this shift is driving successful outcomes and improving delivery performance, it also means that more project professionals will be needed, particularly at a time when all organisations face common challenges of unprecedented scale. The climate emergency, the global pandemic and the post-Brexit operating environment have certainly created challenges for businesses when it comes to planning their medium and long-term strategies, but there are opportunities too.

Project management methods are being adopted more widely across the business and finance sector, but there are still many so-called ‘accidental project managers”; professionals who aren’t being officially tasked with managing projects but are doing so nevertheless, possibly without even realising it. If the future of work is ‘projects’, there needs to be greater professionalisation of skills so that project management is recognised as a profession in its own right.

Only with such professionalisation – formalised training, accredited Continuous Professional Development (CPD) schemes, recognised qualifications and chartered status – can project practitioners deliver change of the type and scale needed to overcome the challenges faced by the business and finance sector.

A recent APM survey (carried out in 2021*) of project professionals by research company Censuswide, found that 88 per cent of professionals working in financial services think there needs to be greater professionalisation of project skills and 41 per cent think there needs to be increased awareness of project management as a profession to encourage more people into it.

APM obtaining its Royal Charter in 2017 has certainly helped drive recognition of project management as a profession over the past few years, with more than 2,000 project professionals to date having achieved chartered status. There is still work to be done, however, to break down other barriers preventing people from pursuing a career in projects. APM’s survey also revealed that, among project practitioners working in the financial services sector, 36 per cent think there need to be clearer pathways to project management as a career choice. A significant number (33 per cent) also feel there must be increased awareness amongst employers.

Of course, encouraging more people to become project managers and ensuring greater professionalisation is only part of the story. No project is delivered in isolation and a project can only be as effective as its leadership. Another finding from APM’s research, recorded in its most recent Salary and Market Trends Survey is that leadership was rated as the most valued skill for future professionals. Setting clear direction and allocating appropriate resources are just some of the ways leaders will already by helping projects to succeed in their organisations, but there are other ways in which leaders can have a very direct and measurable impact on project outcomes.

Five things leaders can do to improve project effectiveness in their organisations:

1. Give project professionals the same status as marketing, finance and HR professionals. 

The project manager’s function overlaps with so many others, and so giving them this recognition as happens in other roles within the business – by establishing a dedicated project management office (PMO) for example – will help enable their work. This enhanced status will also result in increased investment and support for ongoing professional development, as it does already for other functions.

1. Incorporate project management and delivery at board level.

Build on the recognition of project professionals by ensuring they have strategic influence at executive board level. This may be done by designating a Chief Projects Officer or Chief Transformation Officer. Having a voice at the table ensures projects form a critical part of strategic development. APM’s latest Salary and Market Trends Survey asked respondents what they felt was the most important validation of their work. The results showed that having a voice at the table when it comes to defining their organisation’s strategy is most valued. Furthermore, giving a voice to project, programme and portfolio managers at a strategic level is good for the entire organisation, not just the individual. This is because project experts understand change and can add value to strategic decisions at the point they are made, rather than having to retrofit afterwards.

1. Professionalisation of skills and being alert to those who may be ‘accidental project professionals.’ 

As projects move the business closer from present state to desired future state, upskilling staff and consolidating project knowledge will be vital. Many project professionals are hidden behind the guise of a different job title, from events or contracts manager to site supervisor or account manager. Be aware that a number of employees people may be ‘accidental project managers.’ Knowing who is managing projects means an organisation can provide more appropriate and tailored support and development, which will improve retention and outcomes.

• Support project professionals to secure recognition for their achievement, e.g. chartered status 

As the chartered body for the project profession, APM recognises the need to support the skills that go beyond project management process alone and are fundamental to success. My advice to business leaders and employers is to establish an approach to learning and development that creates a progressive structure for project experts to enhance their competency and, ultimately, their outcomes. A formalised approach to learning will establish a common language, embed best practice across business functions and set a consistent benchmark for defining project success. Individuals can be supported by securing recognition for their skillsets, with standards such as chartered status.

5. Create a culture where the dynamic conditions for project success are routinely realised

APM’s recent research report Dynamic Conditions for Project Success reveals the most important conditions required for project success, and how these can be applied at the organisational and individual level. These conditions included: interpersonal skills, training and certifications, team ethos, technology and data, knowledge management, agility, sustainability, diversity and contracts.

Soft skills emerged as a prominent theme throughout several of the dynamic conditions identified; particularly in interpersonal skills, team ethos and contracts. Interpersonal skills are considered the most important dynamic condition explored in this report, with 97 per cent of survey respondents believing these skills to be either ‘important’ or ‘very important for project success’. This is significant, as it shows that successful projects are as much about people as they are about processes.

In a changing and challenging world, the project profession has never been more important. While the environment for delivery is complex, ensuring the project profession is better understood and has clear, consistent standards to aim for, will ensure project managers – and the organisations and communities they serve – continue to reach new heights.

*APM survey of 1,000 project professionals carried out by UK research company Censuswide