Business Wire India
Project Management Institute (PMI), the world's leading association for project professionals and changemakers, today released its annual Pulse of the Profession® report. Although organizations went through major disruption in the past year, and many projects were put on hold, the report found that organizations were able to rise to the challenge. In fact, of those projects that did forge ahead, 73 percent met original goals and business intent compared to 69 percent last year. 62 percent were completed within budget, and 55 percent on time, compared to 59 percent and 53 percent respectively in last year’s report. As a result, wasted investment due to poor project performance declined to 9.4 percent versus 11.4 percent in last year's survey.
Respondents were asked to characterize their organization’s approach to ways of working, and nearly a third (32 percent) said that any and all possible methods were primarily or exclusively used to solve problems. This is a characteristic of a "gymnastic enterprise.” As outlined in the research, gymnastic enterprises are leading organizations who are able to thrive because they focus on outcomes rather than process, with a clear sense of how to balance structure and governance while embracing change. They empower their people to make change happen by enabling them to master different ways of working, to become well-rounded professionals, and to elevate their power skills. Conversely, 30 percent of respondents shared that their organizations primarily or exclusively consider using methods that have proven effective for them in the past. This is a characteristic of a traditional enterprise. The enduring problem that these traditional enterprises face today is that their structures and ways of working remain very rigid in the midst of change.
“Our 2021 Pulse of the Profession research shows how gymnastic enterprises are thriving in The Project Economy by tailoring their ways of working and empowering their people to lead as changemakers,” said Mike DePrisco, Chief Operating Officer of PMI. “By enabling employees to work smarter, elevating power skills, and building business acumen, gymnastic organizations are delivering financial and societal value regardless of the challenges placed before them.”
The report demonstrates how gymnastic enterprises were able to reap success and nimbly shift when compared to traditional enterprises. For example, gymnastic enterprises were more likely to have high levels of organizational agility (48 percent versus 27 percent) combined with frequent use standardized risk management practices (68 percent versus 64 percent). They were able to adapt faster to the pandemic, being far more likely to have undergone business change in 2020. And, they were much more likely to have seen increased productivity (71 percent versus 53 percent) and better project outcomes in 2020—in turn resulting in less wasted investment (9 percent versus 10.5 percent).
Gymnastic enterprises are also using technology to augment human skills and help their people continuously improve, prioritizing the enterprise-wide adoption of complex problem-solving techniques (47 percent versus 35 percent); AI-driven tools (39 percent versus 30 percent); on-demand, microlearning apps (39 percent versus 30 percent); and career assessment tools (37 percent versus 30 percent). With their focus on augmenting human skills, and on creative collaboration, it’s no surprise that gymnastic enterprises put the highest priority on power skills—especially collaborative leadership (54 percent versus 42 percent of traditional enterprises).
By enabling their people to become changemakers, gymnastic enterprises are better able to sense and respond to shocks, drive change, and face the future, knowing that they have the mindset, skills, and tools that it takes to win. These findings attest to just how important it is for organizations to adopt these approaches.
A total of 3,950 project professionals representing a range of industries and regions, including North America, Europe, Asia Pacific, Sub-Saharan Africa, Latin America, South Asia, Middle East/North Africa, and China were surveyed for the report. The survey was also supplemented by in-depth interviews spanning a wide range of industries and regions.
To read more about how gymnastic enterprises are turning ideas into reality, view the full report here.
About Project Management Institute
Project Management Institute (PMI) is the world's leading professional association for a growing global community of millions of project professionals and changemakers worldwide.
As the world’s leading authority on project management, PMI empowers people to make ideas a reality. Through global advocacy, networking, collaboration, research, and education. PMI prepares organizations and individuals at every stage of their career journey to work smarter so they can drive success in a world of change.
Building on a proud legacy dating to 1969, PMI is a “for-purpose” organization working in nearly every country around the world to advance careers, strengthen organizational success, and enable changemakers with new skills and ways of working to maximize their impact. PMI offerings include globally-recognized standards, certifications, online courses, thought leadership, tools, digital publications, and communities.
Visit us at https://www.pmi.org/, www.projectmanagement.com, https://www.linkedin.com/company/pminstitute, www.facebook.com/PMInstitute, and on Twitter.
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