A recent article in PM Network, the PMI’s monthly magazine ("The Great Talent Shortage," January 2008, by Tom Sullivan), in addition to a recent post on the PM Hut blog ("Good Project Managers are hard to find," January 29, by Harley Lovegrove) remind us of what we have been hearing for a while: the talent crisis is coming. These articles, specifically point to a shortage of qualified project managers.

Some people see a growing popularity and widespread acceptance of project managers, as evidenced by the large number of PMP (Project Management Professional) training programs. While this might be an overall trend, I still see within many companies a resistance to making project management an enterprise-wide priority (which I have written about in Rise of the Project Workforce).

In the PM Hut blog post, Harley Lovegrove states that companies in Brussels (where he is located) are having trouble finding qualified PMs. Then he writes:

However I am concerned that although we are experiencing a shortage of high quality PM’s at the moment, the rates are only OK. There is no such thing as a hungry PM … but they are not going to get rich either, especially if the market takes a downturn.

The PM Network article describes scenarios in which PMs can get hefty salaries–if they have good experience, and industry expertise in addition to PM savvy. The article explains that some of the feeling of "shortage" may be due to companies’ unwillingness or inability to train from within–and a general impatience to find the right person, right now.

So, for the relatively young PM generalist, the rates might only be "OK," even in the face of a "shortage" of very highly qualified and specialized project managers.

I urge young project managers to think entrepreneurially, as I described in Seven Survival Skills for the Flat World.  Recent news and observations still bear out the need for PMs to develop their skills and specializations, learn cutting edge tools, and always improve their own marketability.