Connect with us

Technology

Work Location Does Not Impact Effectiveness of Project Performance, Finds New Research from Project Management Institute

Published

7 months ago

on

To move the needle, PMI Pulse of the Profession® 2024 Report finds organizations are better off investing in specific support programming for teams and individuals

NEW DELHI, March 4, 2024 /PRNewswire/ — To examine if work location really drives project performance Project Management Institute (PMI), the world’s leading authority for project professionals, published its 15th annual Pulse of the Profession® report, The Future of Project Work: Moving Past Office-Centric Models. The survey results of 2,246 project professionals and 342 senior leaders around the world provide compelling evidence that organizations can provide work location flexibility, agility, and empowerment without affecting project execution and performance.

Since COVID-19 transformed the world of work nearly four years ago, there has been much debate about the most effective work arrangement, and many studies have attempted to argue the negatives of remote work outweigh the positives. However, data from the report suggests organizations that bring employees back into the office will likely not see a significant improvement in project performance, especially considering the negative impact this could have on employee morale and retention, as well as operational costs. 44% of Indian organizations reported that they had adopted a hybrid work environment while 10% reported that their organization was working remotely. This clearly shows the change in perception of remote working.

Rather, organizations should focus on empowering flexibility that optimizes team collaboration, innovation, agility and efficiency. And they can do so without worrying about negative impacts on project performance. For many teams, that is a fit-for-purpose, hybrid management approach – one that blends both agile and predictive tools and methods. Organizations need to create an environment of continuous learning and support that makes this possible.

“This report underscores the importance of organizations not only reevaluating their work location policies and optimizing how they operate, but also prioritizing the development of essential skills within project teams to enhance their adaptability,” stated Pierre Le Manh, President & Chief Executive Officer of PMI. “Empowering project professionals and teams with the autonomy to determine and implement the most appropriate ways of working —irrespective of their physical location—positions them for greater success in navigating uncertainties, evolving business landscapes, emerging challenges, and project demands.”

Enabling Teams Drives Project Performance

The research found that enablers – specific supportive programming that helps individuals and teams learn new skills and competencies – play a much larger role in driving project performance than work location. In fact, providing teams with enablers is crucial in today’s dynamic business environment to navigate the demands for flexibility and agility.

The three most common enablers organizations provide are coaching and mentoring, training on new ways of working, and communities of practice to share knowledge and expertise. Organizations that offer employees at least three enablers reported significantly higher project performance rates. However, those that do not offer any enablers were more likely to experience scope creep challenges and increase budget losses on failed projects.

In India, the survey found that, 54% of organizations support changing ways of working using coaching and mentoring. 58% of organizations support changes to ways of working through training. This is above the global percentage of 48% and 47% respectively. And 45% of organizations support changing ways of working through the creation of communities of practice that enable employees to share knowledge and expertise.  

Choosing the Right Project Management Approach is Table Stakes

Another theme the research identified is the rise in hybrid management frameworks, and how they have gained more ground across all sectors and types of projects. Since 2020, there has been a 57.5% increase of survey respondents reportedly using hybrid approaches. Overall, these growth trends toward using hybrid project management approaches are expected to continue, with 76% and 73% of our respondents expecting an increase in their organization’s usage of agile and hybrid approaches, respectively, over the next five years. In India, 87% of organizations anticipate an increase in hybrid project management approaches over the next 5 years which is even higher than the global percentage.

Its growing popularity demonstrates that organizations see the advantages of using different approaches and of combining practices, tools, and techniques to get the job done. And since average project performance remains relatively uniform regardless of the adopted approach, this validates that organizations should branch out when considering what skills development opportunities to offer individuals and teams.

To learn more about the future of project work, read the full report here.

About Project Management Institute (PMI) 
PMI is the leading authority in project management, committed to advancing the project management profession to positively impact project success. We empower professionals to excel in project management practices through our growing global community, knowledge sharing, and best-in-class certifications—driving positive change in organizations and communities. Since 1969, our unwavering mission has been to advocate for the profession by offering life-long learning and connections to sharpen high-demand skills. Today, PMI provides professionals at every stage of their career journey with the globally recognized standards, online courses, thought leadership, events, and tools they need to succeed. With more than 300 chapters around the world, PMI members can network, find mentors, access career opportunities, and learn from peers, working together to drive greater impact. 

Visit us at www.pmi.org, linkedin.com/company/projectmanagementinstitute, facebook.com/PMInstitute, and on X @PMInstitute. 

 

PMI Trademarks: Project Management Institute, PMI, and Pulse of the Profession are registered trademarks of Project Management Institute, Inc. in the U.S. and/or in other countries.

 

View original content:https://www.prnewswire.com/in/news-releases/work-location-does-not-impact-effectiveness-of-project-performance-finds-new-research-from-project-management-institute-302078178.html

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Warburg Pincus Acquires Minority Stake in Contabilizei for $125 Million

Published

55 mins ago

on

October 11, 2024

By

Investment highlights next phase of growth for the accounting technology services company

SÃO PAULO, Oct. 11, 2024 /PRNewswire/ — Contabilizei, a leading accounting firm in Brazil, today announced a $125 million investment from Warburg Pincus, a leading global growth investor. Founded in 2013, Contabilizei automates accounting services, focusing on small businesses and self-employed professionals. Contabilizei currently serves more than 50,000 clients, operates at break-even, and generated total revenue exceeding R$ 300 million.

With this transaction, Warburg Pincus is the largest shareholder of Contabilizei, acquiring stakes from venture capital funds that had invested in Contabilizei starting in 2014, including Kaszek.

Contabilizei’s main service is providing free company registration and accounting services with a 99% automated process to calculate and pay taxes, fulfill tax obligations, and handle accounting records for micro and small businesses, as well as self-employed individuals. This is done considering various geographical and sector-specific realities, as tax regulations differ depending on the state, municipality, and industry. The company also offers an integrated bank account solution that links to its accounting services, a key differentiator to simplify its clients’ financial routines. Recently, it began offering health plans, creating a comprehensive platform for micro and small business owners.

“Contabilizei strengthens Warburg Pincus’ thesis of investing in scalable technology companies in sectors that still have low technology adoption and growing demand. We see great potential in the company, especially in a market still dominated by manual processes, with ample room for automation and the use of artificial intelligence. Additionally, there is significant room for further monetization through the expansion of financial services offered on the platform,” says Bruno Maimone, Managing Director, Warburg Pincus. “The investment in the company is also aligned with our global strategy, as we have a long history of investing in companies in the tax automation space in the United States, such as Avalara and Chipsoft.”

According to Vitor Torres, CEO and founder of Contabilizei, the entry of Warburg Pincus is another important validation of the company’s cash-generation-focused growth strategy over the past few years. “In a highly fragmented market, dominated by traditional companies relying on manual processes, we have reached more than 50,000 clients thanks to the superior quality of our services, increased efficiency through time savings, and, most importantly, offering the complete range of services that entrepreneurs need,” he says.

“More than just accounting and tax payments, small business owners and freelancers have many other management needs. For this reason, we also offer business checking accounts, financial services, health plans, and important partnerships to even support the physical and mental health of entrepreneurs. Our focus is to increasingly meet the needs of small business owners through a seamless journey on our platform, empowering them with better management, efficiency, and financial health. We are working hard to ensure Contabilizei continues its high growth rate in the coming years and maintains its delivery of high-quality, trustworthy services to help small business owners succeed. Warburg Pincus has extensive experience supporting high-growth companies in scaling within their markets, and we are confident this will be crucial for our next phase of growth,” adds the CEO.

“We are very excited to collaborate with Warburg Pincus in this next phase of Contabilizei’s growth. We share their conviction in the thesis and in Vitor’s ability to execute. We are pleased to continue being part of this journey,” says Rodrigo Costa, partner at Softbank Latin America Funds.

With the investment in Contabilizei, Warburg Pincus now has a portfolio of 11 Brazilian companies, 8 of which are in the technology sector.

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

About Contabilizei

Contabilizei is the largest accounting firm in Brazil, serving over 50,000 clients. It is a leader in company formation and CNPJ management, offering complete, exclusive, and integrated solutions in one place for micro and small entrepreneurs, as well as self-employed professionals. Founded in 2013, Contabilizei offers cutting-edge technology and the expertise of more than 1,200 specialists across various fields to provide reliable accounting services, free company formation, business checking accounts, and health and wellness benefits for entrepreneurs.

Contact

MARÍLIA PAIOTTI
NOVA PR
DIRETORA  DE ATENDIMENTO
+ 55 11 99617 2133
+ 55 11 2579 0937

Anderson Guerreiro 
anderson.guerreiro@novapr.com.br 

View original content:https://www.prnewswire.com/news-releases/warburg-pincus-acquires-minority-stake-in-contabilizei-for-125-million-302274092.html

SOURCE Contabilizei

Continue Reading

Technology

Thailand’s Tourism Industry Faces Urgent Call to Embrace Global Sustainability Standards

Published

55 mins ago

on

October 11, 2024

By

On September 26, at the Avani+ Riverside Hotel, Bangkok, the Tourism Authority of Thailand (TAT) in partnership with leading international sustainable tourism organizations, hosted a high-impact seminar titled “Action Alert! Accelerating Towards Sustainable Tourism in Thailand.” The event was organized to help Thai tourism businesses prepare for the impending environmental regulations set by the European Union, which are expected to come into effect within the next two years. More than 1,000 tourism operators attended.

BANGKOK, Oct. 11, 2024 /PRNewswire-PRWeb/ — Mr.Teerasil Tapen, Deputy Governor for Digitalisation, Research and Development, underscored the importance of sustainability as a prerequisite for global business partnerships. He highlighted that under the new EU regulations—the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD)—companies will need credible sustainability management systems to maintain business ties with EU and U.S. partners.

“Sustainability is essential for market access.” — Mr. Teerasil Tapen, Deputy Governor for Digitalisation, Research and Development

“Sustainability is essential for market access.”

“These regulations will demand that Thai operators comply with strict sustainability standards by 2026 to be ready to report by 2027. Those who fail to meet these standards will be at a disadvantage in accessing key markets with high purchasing power,” said Mr.Teerasil. He further noted that eco-conscious travelers will increasingly demand sustainable practices, further intensifying the need for compliance.

In her keynote address on “Sustainable Tourism Worldwide and Regulatory Changes: The Survival of the Thai Tourism Industry,” Asst.Prof.Jutamas Wisansing Founder of Roaming Elephants, stressed that adaptation to sustainability is non-negotiable for the future of the Thai tourism industry. “Sustainability is not an option, but a necessity.” “Global regulations are evolving quickly. Adopting sustainability standards presents a critical opportunity for businesses to enhance their value and attract environmentally conscious travelers. Collaboration between businesses and regulators is key to ensuring a smooth transition,” she added.

The panel discussion on “Certification Process and Criteria: How to Achieve It?” featured leading experts who discussed the pathways to certification and market entry for sustainable tourism businesses.

“Follow the certification steps to access global markets.” Peter Richards, from the SWITCH-ASIA TOURLINK Project, explained the step-by-step certification process, detailing the different formats and criteria for achieving sustainable tourism certification. He urged businesses to approach certification systematically to maximize global market opportunities.

“Data-driven transparency is essential for credibility.”

Ms. Pinpinat Chaiyadej, representative of Earth Check, emphasized the role of data transparency in building credibility. She noted that sustainability data management is crucial in demonstrating a company’s commitment to environmental responsibility. “Today’s travelers demand transparency from tourism operators. To meet this demand, organizations must adopt a data-driven approach to track, report, and continuously develop their sustainability efforts,” Ms. Pinpinat explained.

“Sustainability requires respecting local ecosystems and communities.”

Asst. Prof. Dr.Kaewta Muangkesom, representing Green Destinations, highlighted the importance of understanding and respecting local environments, communities, biodiversity, and cultural diversity. She advocated for the integration of sustainability principles into business operations to create positive impacts on both the environment and society.

“Sustainability certification offers a marketing advantage.”

Mr. Anupong Kriangkrailipikorn, Managing Director of Search Engine Optimization Co., Ltd. and founder of Gother.com, noted that sustainability certification is becoming a key marketing advantage. He emphasized that modern travelers see sustainable tourism as a way to contribute to a better future. “Sustainable practices are no longer just a competitive edge, but an essential feature for operators seeking to attract the next generation of travelers,” he remarked.

The Action Alert! seminar marked a crucial turning point for Thailand’s tourism industry. Sustainable tourism is no longer a voluntary choice but an urgent necessity. Thai tourism operators must align with international sustainability standards to remain competitive and foster a new ecosystem defined by Sustainable Certified Operators, ensuring long-term success in the global market.

Media Contact

Space Plus Agency, Media Agency, 66 845952633, spaceplus.agency@gmail.com, https://www.spaceplusagency.com

View original content to download multimedia:https://www.prweb.com/releases/thailands-tourism-industry-faces-urgent-call-to-embrace-global-sustainability-standards-302273653.html

SOURCE Tourism Authority of Thailand

Continue Reading

Technology

InventHelp Inventor Develops New Hydraulic Trailer Leveling System (JMT-362)

Published

55 mins ago

on

October 11, 2024

By

PITTSBURGH, Oct. 11, 2024 /PRNewswire/ — “I own a dump trailer that I unload multiple times a day. It can be tiring and time-consuming operating the manual crank handle of the front jack stand,” said an inventor, from Magalia, Calif., “so I invented the HYDRAULIC TRAILER LEVELING SYSTEM. My design offers an easy and strain-free way to make the height adjustments.”

The invention provides improved height adjustments for trailer tongues. In doing so, it eliminates the need to struggle with a crank handle to raise or lower a trailer tongue. As a result, it reduces physical strain, and it saves time and effort. The invention features a safe and reliable design that is easy to use so it is ideal for the owners and users of trailers.

The original design was submitted to the National sales office of InventHelp. It is currently available for licensing or sale to manufacturers or marketers. For more information, write Dept. 23-JMT-362, InventHelp, 100 Beecham Drive, Suite 110, Pittsburgh, PA 15205-9801, or call (412) 288-1300 ext. 1368. Learn more about InventHelp’s Invention Submission Services at http://www.InventHelp.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/inventhelp-inventor-develops-new-hydraulic-trailer-leveling-system-jmt-362-302272501.html

SOURCE InventHelp

Continue Reading

Trending