Project Management

Are You Managing These 5 Career Risks Effectively?

PMI Toronto Chapter

Bruce is the founder of, a resource for growing IT project managers.

Your career is one of the most valuable financial assets in your life. Yet, there is a very good chance that you are not identifying and managing career uncertainties.

As a project manager, you’re used to identifying and managing risks on projects. A Guide to  the Project Management Body of Knowledge (PMBOK® Guide) – Seventh Edition includes the concept “optimize risk responses” (3.10). This optimization includes the following ideas: risk can be negative (threats) and positive (opportunities), and risks are addressed continuously through the project.

Let’s apply this concept to managing and enhancing your career.

Downside Career Risk Management
Let’s start with managing the risk of loss you can suffer in your career. Reducing these risks is the foundation of career risk management.

1. Layoff Risk
Losing your job as a professional is a significant blow. According to the American Psychological Association, unemployment is detrimental to mental health. The blow to your self-confidence and sense of self can take a long time to repair. That’s not all: A layoff may mean a loss of income and essential benefits you count on.

If you work as an employee, it is challenging to eliminate layoff risk. However, there are some steps you can take to lessen the impact. A vibrant network of professional contacts who know, like …

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Mediocrity knows nothing higher than itself, but talent instantly recognizes genius.

- Arthur Conan Doyle