Survey Reveals Optimism for Project Growth in UK Financial Services SMEs
Financial services SMEs in the UK are gearing up for a surge in project appointments over the next three years, according to a recent survey by the Association for Project Management (APM). With 81% of project professionals in the financial services sector anticipating an increase in the number of projects they will be working on, the outlook is positive for the UK economy.
The survey, which polled over 500 project professionals, also revealed that 81% of respondents expect a rise in project budget size in the same period. Currently, projects in the financial services sector range in size, with 18% working on projects between £100k and £299.99k, 37% on projects over £300k, and 23% on projects exceeding £1m.
Financial services is predicted to experience the second-largest growth (81%) out of all 17 sectors surveyed, trailing only behind engineering (87%) and surpassing construction (70%). However, the survey also highlighted challenges facing future project growth, with 82% of respondents identifying skills shortages in project management at their organizations.
Soft skills and technical skills such as personal time management, team management, and solutions development were ranked as the most important attributes for project delivery. The top challenges cited by respondents included inadequate technology infrastructure, lack of investment in training/professional development, and economic and political uncertainty.
Despite these challenges, the majority of respondents (85%) stated that their employers have enough time and resources dedicated to training and development for project professionals. Additionally, 89% noted that their SMEs place value on training and developing or upskilling project professionals.
Professor Adam Boddison OBE, Chief Executive of APM, emphasized the importance of investing in the workforce to ensure the growth and development of the project pipeline. He highlighted the role of project professionals in driving economic growth and stressed the need for effective project management approaches to support the expected growth in the coming years.
Overall, the survey results point to a promising future for project professionals in the financial services sector, with opportunities for growth and development on the horizon.
