Time to Pivot Away from Project Management?

2024 continues to be a challenging year for anyone in the project management and tech space. Tech layoffs have impacted 292 US tech sectors according to Crunchbase Daily. While the U.S. Bureau of Labor Statistics indicates that employment of project management specialists is projected to grow 6% from 2022 to 2032, the current employment market is seeing program manager, project manager, and PMO leaders hit hard by tech layoffs during the last 2 years. Due to market conditions, roles appear to be paying around 30% less than previous years. With a flood of applicants in the job market, companies are at the advantage to hire highly qualified experienced at a lower compensation that in previous years. Many candidates are considering a "bridge" job, accepting lower compensation or a role level, until the market improves. But what if you have been laid-off for several months with no job options? Do you continue to tweak your resume, apply for roles, and be ghosted by companies?

Or do you pivot?

While many career coaches advocate for transitioning into project management from non-technical backgrounds, it's worth considering the reverse of transitioning out of project management during these challenging times.

Program Managers and Project Managers with solid experience, high-level of emotional intelligence, mega power in growth mindset, and a big helping of grit and determination could consider a pivot away from project management into an adjacent career or altogether new opportunity.

Here are just some of the transferrable skills for former project managers that could be utilized in other management or leadership positions.

• Critical thinking: Project managers frequently cultivate the skill of problem-solving through critical thinking methodologies. This involves identifying the issue at hand, meticulously examining relevant details, and leveraging observations to derive viable solutions.
  

• Management and leadership: Effective management of teams, departments, or organizations necessitates the acquisition of leadership competencies by project managers. They often strive to inspire team members to align with the company's objectives and values, fostering a cohesive and motivated workforce.
  

• Creativity: Project managers frequently harness creativity in navigating the complexities of project management. They employ innovative approaches to address challenges and optimize project outcomes, while also leveraging creative thinking techniques to facilitate continuous learning and problem-solving.
  

• Analytical skills: Upon identifying an issue, project managers engage in thorough analysis to gain comprehensive insights into its underlying factors. This analytical approach enables them to acquire pertinent background information, facilitating the development of well-informed and effective solutions.

If you are considering a pivot, here are top in-demand adjacent career or altogether new opportunity for your to consider.

1. Data science and analytics - Explosion of data in every sector has heightened the need for professionals to interpret and derive actionable insights from data sets.

2. Renewable energy engineers - Growing demand for engineers specializing in solar, wind, and other sustainable energy sources

3. AI and machine learning - Experts to develop intelligent systems that are transforming industries from healthcare to finance.

4. Cybersecurity experts - Increasing number of cyber attacks has exacerbated the need for professionals who can safeguard digital assets.

5. Finance - There is a continuing need for businesses to manage their finances, identify investments, and delivery new products/services.

6. Healthcare and Biotechnology - Clinical research coordinators are essential for management the increasing number of clinical trials for new medical treatments and drugs.