Project Management Pay Up in 2014 and Confidence is Building
The headline is positive but there is a mixed picture when you dig into the statistics.
Each year Arras People undertakes a survey of over 2,000 project professionals. Their Benchmark Report reveals changes in remuneration and personal confidence – as well as tracking factors such as uptake of qualifications and breadth of expertise.
The 2015 survey finds that whilst the majority saw an increase in remuneration last year, for many the increase was little or no more than the inflation rate of 1-2%.
Just 31% of respondents saw their remuneration increase by more than 2%. Meanwhile 33% saw a decrease once inflation is factored in.
Employees fared better than contractors, and those in the private sector better than public sector.
Asked about prospects for 2015, 70% of employees expected their remuneration to increase but only 30% when it came to contractors.
In spite of lack lustre growth in pay the general mood of project managers is becoming more positive. The proportion feeling “much better off” increased from 19% in 2014 to 23% in 2015.
To get more specific about actual salaries a good source is payscale.com where professionals contribute their own situation in order to benchmark against industry norms.
As we have seen previously, project managers working in the IT sector tend to be amongst the better rewarded. The average PM salary in the IT sector is £44k compared to the overall average of £33k. And an analysis by specific company shows those in the financial sector to do particularly well.
The Arras People Salary Guide provides the following average salaries and contractor rates:
The highest earners in project management are males in their mid 40s. The highest earners work for large organisations within the professional services and consultancy fields and are delivering “business transformation” projects and programmes.
70% of higher earners maintain professional certifications. They favour PRINCE2, Managing Successful Programmes (MSP) and the APMP from the Association for Project Management.