Experienced Project Managers Command Big Bucks
It's a good time to be a senior project manager, as organizations acknowledge that they face significant challenges in filling these vacancies, according to a recent survey from ESI International. As a result, experienced project managers are making nearly twice the annual salary of their novice counterparts. Given the circumstances, companies may consider hiring less-seasoned project managers and supplementing any gaps with training. Even a relatively modest amount of project management training greatly reduces how long it takes for newer project managers to take on more advanced roles. "Budget constraints, an aging base of professionals and a looming talent war all contribute to a talent crisis that should be addressed by the highest levels of the organization," says Mark Bashrum, ESI's vice president of corporate marketing and open enrollment. "The growing needs of businesses demand a more strategic view of the staffing, development and promotion of their project managers, since project execution impacts an organization's bottom line and its ability to satisfy its customers." A total of 1,800 project management professionals took part in the research.