Understanding the PMI Talent Triangle
In today’s dynamic environment, a project manager must be able to adapt to changes. The Talent Triangle by Project Management Institute (PMI) introduces project managers to strategy & business management, technical, and the leadership skills.
What is Talent Triangle?
After interviewing many industry experts, PMI found that most project managers had technical ability, but often lacked leadership and business strategy skills. Ironically, the survey also found that companies seek for technically sound individuals with leadership and business strategy skills.
This is because the latter two competencies can support longer-range strategic objectives contributing to company’s growth. They concluded that there is a demand in for PMs with knowledge in all three areas together called the Talent Triangle.
Explain the three areas of the Talent Triangle?
The three areas of the Talent Triangle are technical project management, leadership, and strategy and business management.
Technical Project Management: A successful project manager must have domain specific technical know-how, knowledge about their industry, and also project specific knowledge. Relevant training and certifications will help them with domain specific knowledge and expertise.
Other skills a project manager needs are project lifecycle management, schedule management, cost and budget estimation, risk management, performance management, etc.
Leadership: A leader not only applies his technical skills, but must coach, mentor, communicate, engage in team building activities, negotiate, manage conflicts, inspire and motivate.
He/she must learn the concept of design thinking and get acquainted with digital business leadership. Good project managers will inspire his/her team to embrace innovation.
PMs help teams know and understand their roles and tasks, and then demonstrate by example. They must be proactive and have problem solving abilities. They must build relationship with all teams. They are responsible for success and failures of the teams.
Strategic and Business Management: Project managers must align their actions and make decisions to take company’s projects forward. They must work to meet company goals, develop innovative strategies and negotiate well.
Strategic and business management skills project managers must have are cost benefit analysis, strength and weakness analysis, legal compliance, market awareness and conditions, and customer relationship management.
When project managers align their plans and actions with their company’s greater goals, coupled with applying their technical knowledge with effective leadership, they can infuse energy into company’s projects everyday.
What are the benefits of Talent Triangle?
The Talent Triangle will make a person a powerful professional. Project management professionals are sought after worldwide. The program will help professionals to demonstrate their skills and expertise to potential employers across the globe.
Corporations have reported high benefits realization maturity and better project outcomes by developing their teams on all three arms of Talent Triangle. As per PMI Pulse of the Profession 2017, 33% more projects meet original goals and business intent, 43% more are completed within budget, and 58% are completed on time.
Other than these, individuals who have all the skills mentioned in the Talent Triangle report getting a salary bump.
Who is PMI Talent Triangle for?
PMI Talent Triangle can be taken up by anyone. However, for certified PMPs, there is an additional advantage of getting Professional Development Units (PDUs) in all the three areas.
Some of the training programs in leadership and strategy categories are pre-approved for certain number of Professional Development Units (PDUs). You may contact us for details.
Which industries does Talent Triangle apply to?
Talent Triangle training applies to project managers across industries, including IT, telecom, commerce, finance, research, business processing, logistics, services, and more. Mentioning Talent Triangle will catch the attention of recruiters.
Does SABCONS provide Talent Triangle training? How do you provide training?
SABCONS provides programs aligned to PMI’s Talent Triangle. Our new Talent Triangle Trio program will initiate individuals to the three sides of the Talent Triangle, namely, Technical Project Management, Leadership, and Strategy and Business Management.
We provide customised training to corporates and also conducts open house/public programs. We provide an instructor-led learning method, with a hands-on case-study driven approach. Our programs will augment your skills and help you deal with your professional development responsibilities.
Know more about SABCONS, and bolster your career with a trifecta of skills and expertise.