The future of work is changing in many ways. Here are my thoughts around the concept of The Project Economy and some of the changes we will see.

1. THE PROJECT ECONOMY
Thoughts on the Future of Work
©2020BruceGay

2. We are hearing a lot about “The Project Economy” and how
radical and disruptive changes are evolving the future of work.
How do you define the concept of
"The Project Economy"?
Advancements in technology and the need for
businesses to evolve to meet market and
customer demands have propelled
organizations to change how we work.
The Project Economy is about evolving from
routine work of operating the business to one
of changing or transforming the business.
The primary vehicle for changing the business
and delivering value to our employees and
customers is through projects.
The Project Economy is about evolving from
routine work of operating the business to one of
changing or transforming the business.“
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©2020BruceGay

3. INDIVIDUALS AND THE PROJECT ECONOMY
Individuals will increasingly work within a
project-driven workflow, rather than
operational workflows. Initially, these initiatives
will be contained within organizations, but the
true value of this model will scale when
projects are applied to cross-organizational
efforts in society.
Individuals will join and exit cross-discipline
project teams as needed.
As contributors, individuals will be given
increasingly more opportunities to apply their
expertise toward initiatives that generate value
and benefits.
How will "The Project Economy" impact individuals?
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4. Driving Factors
How will work present itself within
organizations?
Work will be a blend of operational and
project-based initiatives. Business
organizations will retain some structure and
governance around standing up projects.
What has led to organizational shifts within
the project management profession?
The migration of work from operational
departments into project-driven parts of
organizations have led to the rise in
importance of project management. This has
driven the need for not only more project
managers, but better-skilled project leaders.
Some organizations are elevating project
execution and delivery to an executive level.
ORGANIZATIONAL SHIFT
Operations
Projects
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©2020BruceGay

5. How widespread is this phenomenon?
We are just at the beginning of The Project
Economy, thus it is not wide-spread.
Some industries, such as construction, IT,
finance, government, and pharma, are heavily
invested in project-based workflows. Other
industries such as healthcare and education
are lagging in this evolution.
EMERGING MODE OF WORK
Construction & engineering
Manufacturing
Financial Services
Information Technology
Education
Healthcare
Industries Invested in the Future of Work
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©2020BruceGay

6. What will need to change?
Financial and budgeting practices within most
organizations are still anchored in the 19th
Century and need to evolve to support more
fast-paced and iterative business models that
are required of The Project Economy.
CHALLENGES
What should companies invest in?
Organizations should develop adaptive and
growth mindsets within their employees and
managers. Leaders will need to be well-versed
in change management and Project Managers
will need improved business skills.
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©2020BruceGay

7. There are several risks relating to re-training
the workforce, here are two:
1. Individuals lacking growth mindsets will
want to remain with their tried-and-true
methods. There may be fear associated
with the new and unfamiliar skills and
practices.
2. Not all industries will require project
leaders to "re-educate".
What are the risks and the opportunities that could arise in trying to
re-educate the workforce about a new set of project management skills?
RE-SKILLING EMPLOYEES
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+
One opportunity - a combination of MBA
and PMP skills and expertise will open many
doors to a successful career in The Project
Economy.
©2020BruceGay

8. What does this new way of working mean for Project Managers?
FOR PROJECT MANAGERS
Project Managers will need to improve their
business acumen and skills, and will need
to be comfortable with managing change.
In addition to delivering stakeholder value,
project managers will also become
responsible for "changing the business".
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©2020BruceGay

9. THE PROJECT ECONOMY
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Contacts
Bruce Gay, PMP
Senior Program Manager
www.brucegay.com
brucegay@verizon.net
©2020BruceGay