ProjectsAtWork

From defining processes to developing people skills, organizations are taking steps to make environmental, social and governance strategy a reality.

From climate change to complex social justice issues, the pressure is on organizations to get serious about their impact on local and global communities — and how they drive meaningful change. But many companies are struggling to develop the practices and people skills needed to bring their environmental, social and governance (ESG) visions into reality.

A new special report from PMI — "The ESG Imperative: Turning Words Into Action” —takes the pulse of the ESG movement in 2022, highlighting relevant research, key regulatory drivers and hands-on insights from ESG project leaders who are working to turn words into action and intent into impact. 

It is clear that many organizations are still reckoning with gaps and indecision in their ESG efforts. For instance, 70% of respondents to a Deloitte survey this year have yet to determine how climate change will impact their company’s operations, supply chain and customers.

However, some organizations are overcoming challenges to launch ambitious ESG projects — and deliver results such as improving diversity on their boards, limiting the carbon footprint of supply chains, and removing toxic waste from the community water supply. For these ESG leaders, good practices include:

• Audits and assessments to identify ESG gaps and opportunities.
• Integrating process and documentation to keep ESG values and goals “front of mind” for project teams and the entire organization.
• Alignment of ESG frameworks with clear performance metrics that are both internally and externally driven.
• “Managing up” to ensure sponsors and executives are actively engaged.
• Feedback loops and dedicated liaisons to build connections with communities impacted by projects.

For organizations that find ESG success, the benefits go beyond the bottom line. They are realizing a deeper return on investment (ROI) that is intrinsically linked to their reputation with consumers, relationships with partners, and ability to recruit and retain talented people. Innovation and inspired teamwork are also positive, tangible byproducts of ESG efforts.

Indeed, empowering project professionals with ESG knowledge and experience — and upskilling existing talent — is a top priority for ESG-driven companies. Must-have power skills include creative problem-solving, critical thinking with empathy, and the ability to influence all levels of stakeholders.

Like never before, a strong commitment to ESG isn’t just the right thing to do; it’s the smart thing to do, the report concludes. By establishing core values, diving into data to track progress and enabling project leaders to become changemakers, companies can begin to turn intent into action and deliver projects that make the world a better place. 

Check out the full report: "The ESG Imperative: Turning Words Into Action”

Five megatrends will shape our world in 2021 and beyond. Are your projects in the mix?

There is still so much to do (and not do), and millions upon millions more vaccine shots to administer, but citizens and businesses alike are starting to contemplate a post-pandemic reality—one in which schools and restaurants are open; movies, concerts and ballgames are back on the calendar; and, yes, project teams are sharing a pizza and collaborating in person.

2020 was as chaotic as it gets, with COVID-19 a constant shadow. And yet, there was more—much more—going on, from political and social unrest to economic upheaval, from artificial intelligence to natural disasters. These realities are all intertwined with the global pandemic, but they won’t go away when the masks come off. And no organization, no matter how laser-focused on its market or service, can afford to ignore them as they move forward with existing and future projects.

To that point, Project Management Institute has released Megatrends 2021, a timely report that identifies five global trends reshaping our world:

• COVID-19
• Climate Crisis
• Civil, Civic and Equality Movements
• Shifting Globalization Dynamics
• Mainstream Artificial Intelligence

In the report’s introduction, PMI president and CEO Sunil Prashara states: “As this year made clear, change is inevitable. But by understanding the drivers behind the volatility, organizations and their leaders can thrive in the Project Economy, delivering positive social impact at a time when it’s needed most.”

Based on research, industry data and interviews with project leaders, the report summarizes each of the five megatrends and then offers guidance on ways that organizations can address these developments through their projects and their approach to executing them. In short, organizations must:

• Make social impact projects a strategic priority
• Foster open, innovative partnership ecosystems
• Rethink relationships with customers and wider stakeholders

To do any of this, we need change-makers—project leaders, the report concludes, that rely on three critical capabilities:

1. New ways of working, including agile, waterfall and hybrid approaches; microlearning apps, and AI-driven tools.

2. Power skills such as collaborative leadership, innovative mindsets and empathy.

3. Business acumen, including an understanding of how work relates to strategy.

Be sure to check out the entire Megatrends 2021 report—and share it with your teams, your CEO, your clients, your friends and family. We’re all in this together. And projects can make a difference on what the future looks like.