We have also covered the top companies for project managers along with their global impact.
Is Project Management Still in Demand in 2023?
According to a PMI-commissioned talent gap analysis by Anderson Economic Group, in the next decade, demand for Project Management Professionals (PMPs) is set to outpace other jobs, with a 33% growth in the project management-oriented labor force which will create 22 million jobs by 2027. This translates into a staggering 88 million individuals to fulfill these vacancies in project management roles by then. China and India will together contribute over 75% of this demand. It is also important to highlight that these PMPs aren’t just numbers – their impact on productivity is substantial. Shortages in this field could pose GDP risks of around $208 billion across 11 countries in the next 10 years.
Generally, the highest paid project managers are Project Executives and PMO Leads with a salary range of $143,000-$194,500 and $130,000-$190,000 respectively.
How Crucial is Project Management for Corporations?
Project management is vital for corporations due to its ability to ensure efficient resource allocation, timely execution, and successful achievement of objectives. In complex business environments, projects often involve multiple stakeholders, intricate tasks, and tight budgets that make effective project management indispensable.
Effective project management is essential to mitigate risks and ensure project success. However, statistics reveal the grave consequences of neglecting it. Around 70% of all projects fail and thus, lead to wasted resources and missed opportunities. Companies that undervalue project management see a 50% increase in project failures. A staggering 55% of project managers cite budget overruns as a reason for failure, resulting in financial losses.
A prime example is Boeing Co (NYSE:BA)’s 787 Dreamliner project. Boeing Co (NYSE:BA) aimed to revolutionize air travel with a fuel-efficient aircraft, but faced numerous setbacks due to poor project management. Delays, cost overruns, and supply chain issues resulted in huge financial losses. However, when Boeing Co addressed these issues and revamped their project management approach, they successfully delivered subsequent projects like the 737 MAX.
Similarly, the launch of the iPhone by Apple Inc (NASDAQ:AAPL) serves as another example of the importance of project management. Effective project management played a crucial role in orchestrating the collaboration between hardware and software teams which ensured that the product’s launch was timely and seamless. This led to a revolutionary product that has transformed the smartphone industry in an unprecedented manner.
Top Companies for Project Management
Honeywell International, Inc (NASDAQ:HON) stands as a pivotal player in project management that consistently leads in the execution of groundbreaking projects and initiatives globally. Recently, the company partnered with Summit Agricultural Group to establish the world’s largest ethanol-based aviation fuel plant which is expected to be operational by 2025. The magnitude of this undertaking reflects a projected investment of around $1 billion that solidifies Honeywell International, Inc (NASDAQ:HON)’s commitment to pioneering large-scale projects that drive innovation and sustainability.
With this joint venture, Honeywell International, Inc aims to revolutionize the aviation industry by converting ethanol into sustainable aviation fuel (SAF). Leveraging its cutting-edge technology, the company plans to produce enough SAF to fuel thousands of flights annually and hence largely reduce carbon emissions and push the aviation sector towards a more sustainable future.
Moreover, Honeywell International, Inc has also been selected as the carbon capture technology provider for the Arthit Carbon Capture and Storage Project in Thailand, which further exemplifies its global influence. This project showcases Honeywell International Inc’s expertise in developing solutions for carbon capture and storage that contributes to sustainable energy practices. Owing to the impact and magnitude of their projects, the average salary of a project management specialist at Honeywell International, Inc is $226,035.
On the other hand, in support of Earth Month in 2023, American Express Co (NYSE:AXP) introduced an expanded Carbon Footprint Tool for “select Corporate clients”. The term “select Corporate clients” refers to a specific group of corporate customers chosen or identified for the application of the expanded Carbon Footprint Tool. This tool covers various categories such as air travel and ground transportation. Additionally, a pilot digital suite is being offered to U.S. Consumer and Small Business Card Members which provides tools to calculate and counteract carbon emissions while also offering guidance on lessening their environmental footprint. Notably, American Express Co (NYSE:AXP) has committed to net-zero emissions by 2035 and submitted emissions reduction targets to the Science Based Targets initiative. American Express Co’s approach demonstrates a strategic and comprehensive project management that engages all stakeholders in meaningful sustainability actions. The average salary of a technical project manager at American Express Co is $170,883.
Not only is the company committed to efficient project management but it also promises inclusivity for its employees. To support working women, American Express Co partnered with Alicia Keys to launch “The Ambition Project,” with an aim to empower women both within the company and beyond. The initiative stemmed from a study revealing that only a third of senior female employees referred to themselves as “ambitious.” American Express Co responded by prioritizing inclusivity and promoting diversity that resulted in women’s promotions and increased representation in leadership positions.
Our Methodology
To list the highest paying countries for project managers, we identified the countries with the highest demand for project managers and then made a list for 28 countries with the average salaries for project managers. Of those 28, the 16 with the highest average salaries were selected and have been ranked. We acquired the data for average salaries of project managers for each country from ERI Economic Research Institute. The list is presented in ascending order.
Here is a list of highest-paying countries for project managers.
16. United Arab Emirates
Average Salary: $62,074
The UAE is positioned as a hub for project management as underscored by a recent Masterclass held at the American University of Ras Al Khaimah (AURAK). The Masterclass emphasized the increasing demand for project management-oriented roles, with studies projecting project management jobs to be among the top 10 most sought-after categories by 2030. This aligns with the country’s transition towards a project economy, and its commitment to the field is reflected in initiatives such as AURAK’s Master of Science in Engineering Project Management program. The average salary of a PMP in the UAE is $62,074.
15. Singapore
Average Salary: $63,170
Certified project managers in Singapore, notably those with PMP certification, hold a relatively greater advantage due to their strong power skills and ability to lead projects aligned with business goals. They command higher median salaries and are sought after for their agile decision-making, alignment with overall vision, and collaborative leadership qualities, ensuring project success. Singapore is one of the highest paying countries for project managers.
14. Hong Kong
Average Salary: $63,300
Becoming a project manager in Hong Kong offers a plethora of opportunities in a dynamic business hub. It enables one to lead impactful projects, hone skills, and contribute to the country’s vibrant economic growth.
13. United Kingdom
Average Salary: $65,444
Project management plays a crucial role in the UK economy, with the APM’s report indicating a significant £156.5 billion Gross Value Added (GVA) contribution annually. However, there’s a growing gap between demand and supply of skilled project professionals, as highlighted by the BEIS Green Jobs Task Force and parliamentary committee reports. The UK is also one of the best countries for construction management jobs.
12. Sweden
Average Salary: $66,719
Becoming a project manager in Sweden offers the chance to be part of a strong economy, vast industries, and cutting-edge projects. With a balanced lifestyle, attractive remuneration, and ample opportunities for career advancement, it’s a rewarding choice. Sweden is also one of the countries with the highest standards of living.
11. Qatar
Average Salary: $77,451
With a stable economy, tax-free income, and a multicultural environment, becoming a project manager in Qatar offers a chance to work on transformative and impactful projects with ample benefits. Qatar is one of the highest paying countries for project managers.
10. France
Average Salary: $79,722
France is known for its significant infrastructure and development projects, like the Grand Paris Express. Project managers contribute to these ventures while earning experience and exposure in an ever evolving field of work.
9. Ireland
Average Salary: $78,824
Project managers in Ireland are usually high in demand for industries like technology and pharmaceuticals. With companies like Alphabet Inc (NASDAQ:GOOG) and Pfizer Inc (NYSE:PFE) located there, project managers contribute to cutting-edge initiatives and thus, enjoy a strong job market and potential for career growth. Ireland is one of the highest paying countries for accountants.
8. Netherlands
Average Salary: $79,588
Pursuing project management in the Netherlands provides access to a robust economy and international business environment. With companies like Shell Plc (NYSE:SHEL), project managers consistently benefit from the country’s innovation, strong infrastructure, and global connectivity. The Netherlands is one of the top paying countries for project managers.
7. New Zealand
Average Salary: $89,855
With access to rich sectors like construction, tourism, and technology and projects the Christchurch rebuild, project managers contribute to growth in a scenic and culturally rich environment. Apart from being one of the highest paying countries for project managers, New Zealand is also one of the highest paying countries for data scientists.
6. Australia
Average Salary: $90,970
Australia’s project management industry is grappling with a skills shortage that impacts project timelines and delivery. To address this, organizations are focusing on factors like organizational culture, skill-based recruitment, and embracing non-traditional work options. Australia is one of the countries with the highest demand for project managers.
5. Canada
Average Salary: $93,529
The PMP certification in Canada offers a multitude of benefits for aspiring project managers. The certification not only signifies expertise but also opens doors to career advancement in Canada’s competitive job market. With global recognition, enhanced project management skills, and potential for higher earnings, PMP-certified professionals become sought-after assets to organizations. Hence, Canada is one of the highest paying countries for PMP-Certified professionals.
4. United States
Average Salary: $95,010
The demand for skilled project managers in the US is evident across sectors, from technology to construction, as organizations seek professionals capable of leading projects to success. For instance, in the tech industry, companies like Apple Inc and Alphabet Inc rely heavily on project managers to drive innovation and product launches.
Furthermore, the US is witnessing a surge in infrastructure projects, such as transportation and renewable energy initiatives that create substantial opportunities for project managers to contribute to the country’s development. Moreover, the US is home to numerous professional associations and networks that offer continuous learning and development opportunities. Organizations like PMI provide resources, certifications, and training empower project managers to stay current with evolving methodologies and trends. The US is one of the best countries for project managers.
3. Belgium
Average Salary: $104,680
Belgium is one of the countries with a high demand for project managers as demonstrated by its large projects. For instance, the “Antwerp Port House” transformation showcased Belgium’s prowess in architectural innovation. Project managers oversaw the conversion of an old fire station into a modern, diamond-shaped office building, blending history with contemporary design.
Another large scale project in Belgium that required skilled project managers is the Brussels Airport Terminal Expansion. The project aimed to enhance and expand the capacity of Brussels Airport to accommodate growing passenger traffic and improve the overall travel experience. Project managers were responsible for overseeing terminal design, construction, logistics planning, and passenger flow optimization.
2. Germany
Average Salary: $112,000
With a strong economy and industry giants like Volkswagen and Siemens, a project manager in Germany will inevitably engage in cutting-edge projects. Germany’s commitment to sustainability also drives opportunities in green tech and renewable energy. PMP certification is highly valued, and the country’s central European location opens doors to international collaboration. Moreover, the industry associations foster networking and learning that allows project managers to contribute to innovative initiatives, collaborate with industry leaders, and benefit from a prosperous professional journey in a country known for its quality and efficiency in project management.
1. Switzerland
Average Salary: $125,393
Becoming a project manager in Switzerland offers lucrative opportunities in a stable economy, to lead global projects while enjoying a high quality of life. Switzerland is the highest paying country for project managers.
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This article is originally published at Insider Monkey.
