Top tips from expert Vince Hines for getting the best possible contracts and future-proofing your skills as a project management contractor in today’s market, plus his insights on the state of the profession.
APM's 2016 Salary & Market Trends Report now available
Posted by APM on 3rd Aug 2016
APM is pleased to announce that its 2016 Salary & Market Trends Survey is now available to download.
This year the survey, supported by Wellingtone, received almost 5,000 responses from project professionals across the UK. These comprised a myriad of contractors and project professionals from all levels of the profession including programme managers (15 per cent), consultants (6 per cent) and portfolio managers (5 per cent), and the results paint a positive picture for the profession. Salaries are up 10 per cent compared to 2015 with the average project professional now taking home £50,000 and enjoying £6,000 of addition benefits annually.
Despite increasing demands for new skills from project professionals as they continue to bed into large Corporations (+250 employees), levels of satisfaction continue to grow and remain 5 per cent higher than in 2015 with over 82% claiming to be either very or fairly satisfied within their current role.
For respondents potentially seeking new roles in the upcoming months, there has been a noticeable shift in criteria when job hunting. Last year’s focus on earnings has taken second place with the prospect of diverse and interesting work being ranked most important, while career progression and location also move to the top of the list.
With job security dropping from the list of requirements and over 60 per cent of respondents enjoying being part of a growing organisation the survey outlines a mostly positive profession. However, there are signs that the market is slowing down.
Compared to last year, those anticipating growth are down 9 per cent while those anticipating a down turn and redundancies across their organisation are up 10 per cent.
Throughout the survey, qualifications and professionalism through membership to professional bodies showed their worth. Full APM members are enjoying £10,000 more annually than the industry average and £14,000 more when compared to a non-member. Meanwhile those holding a project professional qualification enjoy as much as £18,000 more than average.
The survey also shines a spotlight on where the profession needs to improve. Most prominent in this was the gender pay gap which saw male respondents enjoying 29 per cent more than female respondents. This was made especially evident when addressing the male/female divide in the higher bands from £50,000 plus.
By dissecting the data and exploring trends from the Salary and Market Trends Survey, APM can ensure its benefits and events continue to deliver what is needed in order to support the profession and signpost the industry to areas where it must act in order to stop skills gaps forming and ensure the profession continues to diversify and bring in new young project professionals.