Healthy pay in PM sector

Project managers earn an average of £41,500 according to a new survey carried out by recruitment group Hays with the RICS and QS News.

The survey, which quizzed project managers from across the UK, reported significant confidence in the market among respondents. But it did highlight a skills shortage as well as a high turnover of staff amongst firms.

While most respondents who took part in the survey were experienced – 70% of the PMs had more than five years experience – the survey showed the profession pays well with over a quarter of the PMs earning more than £50,000 and half taking home more than £40,000.

The salaries findings combined with positive prospects for the PM market – nearly 70% said the market was currently very strong or strong and just over half expected the market to improve or improve greatly in the next three years.

Yet the survey underlined uncertainty for PM bosses – 60% of practitioners said they were looking to make a career move in the next year. RICS project management faculty chairman Richard Schofield said the results showed clear confidence in UK project management but added: “Whilst this is good news for the industry it does raise concerns about people and skills shortages in the short term. The survey’s findings concerning the frequent changes in employment are interesting and this raises further concerns with regard to consistency and stability in the delivery of project management services on long term projects.”

The survey also showed that while cash was the biggest reason for staff moving, work/life balance and the workplace location was crucial, with some looking to move out of big cities. Hays Property & Surveying senior manager Matt Higgs said: “The trend for people to move to the country means that cities, such as London, are suffering from a drain of qualified professionals. This problem is exacerbated by the skills shortage.” Schofield added: “Project management can be a stressful business so it is interesting to see the survey reporting a strong emphasis on improving work life balance. Retention of staff is clearly a major challenge for employers and the solution isn’t just financial.”

The survey also pointed to the rail and infrastructure market and the commercial and sports and leisure sectors as those most likely to improve in the next three years, according to the PMs.