Project Management Salary Predictors: Career Development Activities and Extrinsic Reward

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1 Project Management Salary Predictors: Career Development Activities and Extrinsic Reward Lila L. Carden Texas A&M University Jamie Callahan Texas A&M University There has been a general assumption that social capital enhancement supports the probability of instrumental returns (Lin, 2000) including career success. Additionally, intrinsic and extrinsic rewards including salaries have been studied as measures of career success (Gutteridge, 2001). Therefore, this study provides information to project managers as to whether investment in embedded resources will be instrumental in predicting extrinsic rewards that are used to define one s socioeconomic standings. More specifically, the study will determine which variables are most influential in predicting salaries. The study uses salary survey as a data set and multiple linear regression is used to analyze the data. Findings suggest career development variables are statistically significant but not practically significant in predicting salaries. As such, the paper concludes with some limitations of the study with an emphasis on implications for project managers and employers. Keywords: Project Management, Project Managers, Salaries, Career Development, Social Capital, Leadership Organizations are conducive to the development of human capital and career development is seen as a relational dimension that motivates individuals to engage in the process due to the anticipation of the value of the exchange (Nahapiet & Ghosah, 1998). Empirical studies have strongly confirmed the proposition that social resources affect action outcomes (e.g. job search, promotion, earnings) (Lin, 2001, p. 786). Additionally, intrinsic and extrinsic rewards including salaries have been studied as measures of career success (Gutteridge, 2001). Therefore, this study provides information to project managers as to whether investment in embedded resources will be instrumental in predicting salaries. Project managers resources are assembled and used to generate outcomes related to their experiences, education, social networks, and career development activities. Thus, identifying factors that predict salaries can be paramount in helping project managers identify which attributes to obtain in order to yield salaries. Additionally, human resource practitioners and senior management can use the predictors to identify the skills, knowledge and career paths needed to develop project managers careers as well as attract and retain project managers by offering competitive salaries. The project manager is a human capital position that includes employees leading project management activities to meet project deliverables (PMI Standards Committee, 1996). To that end, the project manager needs to possess certain technical, human resource, and knowledge-related skills to meet project deliverables. Additionally, the project manager provides a competitive advantage (Barney, 1991) through project deliverables and organizations reward human capital for required skills and experiences (Agarwal, 1981) 1

2 through salaries. To that end, the purpose of this paper is to extend the extrinsic research to determine the extent to which career development variables are a predicator of project managers salaries. The study will answer the following question: What is the influence of career development variables on project managers salaries? More specifically, the study will determine which variables are most influential in predicting salaries. The paper will use the literature for career development, social capital, and project management to frame the discussion. The paper concludes with some study limitations and implications for career development. Theoretical Framework The literature review includes information related to career development including social capital and project management. Career activities include social capital and project management activities that are used to develop project managers to successfully implement initiatives and career outcomes. To that end, project managers are interested in obtaining extrinsic rewards as defined by the organization due to mobilization and utilization of intellectual and social capital. Career Development Career development is considered a human resource development function and as such encompasses an ongoing process by which individuals progress through a series of stages, each of which is characterized by a relatively unique set of issues, themes, and tasks (Werner & DeSimone, 2006, p. 17). Organizations are currently viewed as knowledge systems (Nahapiet & Ghosahl, 1998) that are conducive for intellectual and social capital advancement. Therefore, career planning and career management activities are provided by organizations to support career development. Human capital accumulation has been reported as a key outcome of human resource development (Garavan, Morley, Gunnigle & Collins, 2001) and specifically can be aligned with the activities of career development. Losey (1999) reported that employee competencies can be developed through human resource activities including work place learning and career development. To that end, education, skills, experiences, and expertise need to be combined with a structured career plan to identify what needs to be developed, when and how. Additionally, career development activities motivate and engage individuals to increase career ambitions and motivations through leadership, innovation, openness, flexibility and respect for the individual (Mayo, 2000). Career development is seen as an intervention used to build occupational status including increase work productivity, work experiences, education, and career resources (Werner & DeSimone, 2006). Career development practices ensure project managers obtain work skills as well as high motivational levels to enable hope and dignity to encourage employees to reach their full work potential (Herr, 2001). As employees strive to meet their full work potential, intrinsic and extrinsic rewards, including personal flexibility and salaries, are viewed as motivators to reach their potential. Personal flexibility is implemented by providing services that enable employees to (a) plan and choose new jobs, (b) work internationally and cross-culturally, and (c) manage their own careers through life transitions (Herr, 2001). 2

3 Social Capital Social capital is defined as investment and use of embedded resources in social relations for expected returns (Lin, 2000, p. 786). Social capital is conceptualized as (1) quantity and/or quality of resources that an actor (be it an individual or group or community) can access or use through (2) its location in a social network (Lin, 2000, p. 786). The general premise is that social capital supports the likelihood of instrumental returns including higher salaries, better job opportunities, and better health benefits (Lin, 2000). Access to social capital is based on resources that are involved in the social network and includes human capital (education, experiences), initial positions (parental or prior job statuses), (Lin, 1999, p. 471) and social contacts and ties. Social contacts and education are expected to impact employment status, job titles, or salaries (Lin, 1999). Social resources are used to enhance human capital through career development by aligning individuals of different social structures through assigned employment relations (Lin, Vaughn, & Ensel, 1981). By engaging with social networks, individuals can develop career plans and enact those plans through training and experiences (Lin, et al., 1981). Therefore, the individual s capital resources are increased due to benefits from the associated network and those attained resources are an integral player in status attainment (Lin, Vaughn, & Ensel, 1981). Access to social capital determines which resources can be utilized to affect work outcomes including salaries and promotions. As such, there is inequality of social capital which occurs when a certain group clusters at relatively disadvantaged socioeconomic positions, and the general tendency is for individuals to associate with those of similar group or socioeconomic characteristics (Lin, 2000, p. 786). More specifically, members in resource-poor networks are limited in the quantity and quality of available information and the extent to which the information influences outcomes. On the other hand, members in resource-rich networks are exposed to unlimited information that is rich in quantity, quality and outcomes Strong ties may be successful in yielding increased social resources that are instrumental in motivating individuals to achieve career goals and success through commitment and trust of the contacts (Lin 1999). Likewise, career development is focused on the motivation to help individuals achieve their career success through career planning and documented career paths (Werner & DeSimone, 2006). Therefore, career success is defined as the positive psychological or work-related outcomes or achievements one has accumulated as a result of one s work experiences (Judge & Bretz, 1994, p. 485). Additionally, status attainment can be understood as a process by which individuals mobilize and invest resources for returns in socioeconomic standings (Lin, 1999, p. 467) including career success measured by salaries. Project Management and Project Managers Project management related literature is woven within a host of other disciplines, models, theories, and experiences. Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project (PMI Standards Committee, 1996, p. 6). The project manager leads project management activities to meet project deliverables (PMI Standards Committee, 1996, p. 6) and is held accountable for the quality of the initiative (Kerzner, 2001). Therefore, project management is a methodology that can be used to strategically frame the activities of the project manager and project team with the ultimate outcome of achieving quality based on improving processes. More specifically, project management methodology is a framework managed by the project manager to systematically and holistically transform the theoretical to the practical. Leadership is considered a major human capital and therefore an asset to organizations (Mayo, 2000). Project managers are leaders that practice management related activities 3

4 including influencing tasks, objectives and strategies, influencing commitment and compliance in task behavior to achieve these objectives, influencing group maintenance and identification, and influencing the culture of the organization (Yukl, p. 253). Leadership has been defined in many terms including individual traits, leader behaviors, interaction patterns, role relationships, follower perceptions, influence over followers, influence on task goals, and influence on organizational culture (Yukl, 1989, p. 252). Therefore, the human capital possesses intellectual capital including education, competencies, values, attitudes and experiences (Garavan, et. al., 2001, p. 49). Intellectual capital is used to drive successful team execution and therefore; it is suggested that, an individual team leader of a remote part of the organization will have a greater effect on the output of that particular team than any senior management (Mayo, 2000, p. 529). Resources are valuable when they enable a firm to conceive of or implement strategies that improves its efficiency and effectiveness (Barney, 1991, p. 106). Accordingly, the resource-based model is focused on identifying individual characteristics that generate sustained competitive advantage (Barney, 1991). Additionally, human resource development activities are focused on selecting and retaining project managers that are employable because of their competencies and their ability to acquire new ideas and develop tacit knowledge (Garavan, et al., 2001). Project managers possess individual capabilities including professional and technical know-how, knowledge, skills, experiences, and networks of personal contact that allow the individual to achieve results (Mayo, 2000) that collectively create intellectual capital for organizations. The resource-based view posits that resources drive organizations competitive advantage (Barney, 1991) and organizations reward those resources through salaries. Additionally, organizations enhance those assets through career development activities with a focus on career planning and career management (Werner & DeSimone, 2006). Therefore, project managers access and mobilize their intellectual and social capital, including education, knowledge, skills, experiences and career development related activities, to attain social status with salaries as a measure of social success. Social capital includes resources that project managers use to gain extrinsic rewards. More specifically, career development interventions include social capital and project management related experiences and certifications as a means to predict salaries. This paper uses independent variables to study the relationships of career development on the dependent variable, salaries. The items that will be used for social capital include title, years work experience, career path connected to upper management, and set of performance skills for project managers. Additionally, the items for project management include number of years of project management experience, project management degree, and project management profession certification. Table 1 Social capital and project management activities that are proxies for career development Activities Social Capital Title Number of Years of Work Experience Career Path for Project Management Career Path Connected to Upper Management Set of Performance Skills for Project Managers Project Management Number of Years of Project Management Experience Project Management Degree PMP Certification 4

5 Method The study determined the extent to which career development variables were predictors of project managers salaries. The data for the study was obtained from a pre-existing database that included a survey for data collection. The survey was sent to a stratified random sample of project management institute customers from 21 different countries. The 21 countries were selected based on two factors including concentration of PMI members within a country and the need for global representation as defined by the study. The countries included Australia, Belgium, Brazil, Canada, China, Colombia, England, France, Germany, India, Japan, Mexico, Netherlands, New Zealand, Poland, Saudi Arabia, Singapore, South Africa, Sweden, United Arab Emirates and the United States. The web-based survey was sent to 15,427 professionals in two waves one wave on July 30, 2003 and the second wave on August 6, Data collection for the survey was closed on August 21, 2003 with a total of 3,082 completed surveys. The sample was reduced to 2,557 due to (a) undeliverable surveys, (b) data eliminated because of quality checks, (c) position descriptions not matched with current job responsibilities, (d) self-employment, and (e) a data cleaning process. The data analyzed for this study included variables related to career development and salaries and therefore included responses from 1,815 participants The study uses Project Management s Salary Survey as a data set and multiple linear regression will be used to analyze the data and report findings. Stepwise multiple linear regression was performed to test the hypothesis. Consideration was given to the sample size and the number of predictors to ensure a reliable equation. Thus, the sample size and number of predictors were analyzed to ensure reliability. Therefore, the multiple correlation was at its maximum value from which the equation was derived because there were 1,815 subjects and eight predictors (227 subjects to 1 predictor) and therefore exceeds the recommended 15 subjects for every predictor recommended by Stevens (as cited in Mertler & Vannatta, 2002). The variables are career development focused and include title, number of years of work experience, number of years of project management experience, project management degree, PMP certification, career path for project managers, career path connected to upper management, and set of performance skills for project managers. Results The results revealed that the model of independent variables was statistically significant (p value is.000) and the relationship between the set of independent variables and dependent variable was large enough to be statistically meaningful in predicting salaries. However, the model explained 19.3% of variance in salaries and thus was not practically significant in predicting salaries. Regression results indicated an overall model of four predictors (years in PM, years work experience, title and degree in PM) and the remaining four predictors (PMP certification, career path for project managers, career path connected to upper management and set of performance skills for project managers were excluded because the beta weights were not significantly different from zero. The dependent variable was salaries and the independent variables were title, years work experience, years in project management (PM), degree in PM, PMP certification, career path for PM, career path connected to upper management, and set of performance skills for PM. Table 1 contains the means, standard deviations and sample for the independent and dependent variables. The data did not deviate from expected distributions as indicated by review of box plots and stem leafs. Additionally, the tolerance value for all variables was greater than 0.1 and multicollinearity was not a problem. 5

6 Table 2 Descriptive Statistics Variables Mean S.D. N Salary converted to US Dollars 69, , Title Years work experience Years in PM Degree in PM PMP certification Career path for PM Career path connected to upper management Set of performance skills for PMs Table 3 below contains the intercorrelations for the dependent and independent variables Table 3 Intercorrelations Variable Salaries Set of performance skills for PMs Career path connected to upper management Career path for PM? Are you a PMP? Degree in PMP? Years in PM Years Work Experience Salaries Title Years work experience Years in PM Degree in PM PMP certification Career path for PM Career path.331 connected to upper management Set of performance skills for PMs Forward selection was performed to determine the significance of each independent variable. More specifically, the bivariate correlations were calculated and assessed to determine the order in which the variables were entered into the model (Merler & Vannatta, 2002). Years in PM was the first variable entered into the model, the second variable entered was years work experience, the third variable was title and the last variable was degree in PM. The remaining four variables (PMP certification, career path for PM, career path connected to 6

7 upper management and set of performance skills for PM) were excluded from the model because their beta values were not significantly different from zero. Tables 4 and 5 below contain model summary and ANOVA information. The overall model of the four independent variables does not practically predict salaries (r square equals =.193) but statistically predicts salaries (p <.05). Additionally, the predictors that are statistically significant by model include (a) years in PM; (b) years in PM and years work experience; (c) years in PM, years work experience and title; (d) years in PM, years work experience, title and degree in PM. Table 4 Model Summary Mode l R R Square Adjusted R Square Std. Error of the Estimate 1.370(a) (b) (c) (d) a Predictors: (Constant), Years in PM b Predictors: (Constant), Years in PM, Years work experience c Predictors: (Constant), Years in PM, Years work experience, Title d Predictors: (Constant), Years in PM, Years work experience, Title, Degree in PM Table 5 ANOVA Model Regression Residual Total Regression Residual Total Regression Residual Total Regression Residual Total Sum of Squares df Mean Square F Sig. 2.47E E a 1.56E E E E b 1.50E E E E c 1.46E E E E d 1.46E E a. Predictors: (Constant), Years in PM b. Predictors: (Constant), Years in PM, Years work experience c. Predictors: (Constant), Years in PM, Years work experience, Title d. Predictors: (Constant), Years in PM, Years work experience, Title, Degree in PM e. Dependent Variable: Salary converted to US Dollars In Table 6 below, the standardized coefficient beta values are reported. The four variables indicate low beta values and thus explained an insignificant amount of variance in salaries. Years in PM has the greatest influence on salaries (beta weight =.230), followed by years work experience (beta weight =.215), followed by degree in PM (beta weight =.073), 7

8 and then title (beta weight = -.133). The direction of influence is positive for years in PM, years work experience, and degree in PM. The direction of influence is negative for title. Table 6 Multiple Regression Standardized Coefficients Beta Stepwise Predictor Variable Beta Years in PM.230 Years work experience.215 Title Degree in PM.073 The best model for the data includes years in PM, years work experience, title and degree in PM variables as displayed by the following equation: y=26, Z (years in PM) Z (years work experience) Z (title) Z (degree in PM). Statistically the data revealed that a project manager is more likely to earn a higher salary if the individual has years of project management and work experiences, a PM related title, and a degree in PM. Discussion The study explored if career development factors such as title, work experience, project management degree, PMP certification, and career paths predicted success, as identified by salaries. The model was statistically significant but collectively the independent variables only represented 19.3% of the variance in salaries and thus is not practically significant. The results suggest that the career development variables were not practically significant in predicting salaries. As such, career development variables are not instrumental in helping project managers to identify which social or intellectual capital attributes to mobilize for extrinsic rewards. However, the career development variables may be instrumental in obtaining and maintaining job positions and job duties. Additionally, the salaries may be predicated on other parameters including intrinsic rewards related to recognition and acceptance. Thus, career activities are not engaged due to anticipated external rewards but other expected outcomes. McDonald (1988) posits that mentor relationships are developmental activities for men and women wishing to progress in their career (McDonald, 19998, p. 246). This study suggests that social resources along with structural factors including experiences, education, social networks, and career development activities are not instrumental in predicting salaries. As such, there may be other possible structural factors that may be predictors of salaries including demographics, geographical location, and organizational parameters. More specifically, suggested variables include gender, race, age, organizational size, social networks and affiliations, organizational location, and industry type. Therefore, this study suggests that investment in embedded career development resources may not be instrumental in predicting salaries and that other human resource components are instrumental in predicting salaries including training and development and organizational development. The study suggests that other attributes besides social capital and intellectual capital including experiences, education, and career path activities are relevant to predicting career success as measured by salaries. Studies by Gutteridge (1973), Lin (1999), and Judge, Cable, 8

9 Boudreau, and Bretz (1995) suggest other variables that are predictors of salary. For example, the study by Gutteridge (1973), to predict the career success of graduate business school alumni, revealed that there were geographical wage differentials as well as differences in career success due to mobility. Thus, organizational variables and industry/region variables were predictors of salaries. Additionally, Judge, Cable, Boudreau, and Bretz (1995) noted that executives who worked in small companies, in organizations perceived as successful, or in companies whose stocks was publicly traded, earned higher salaries than executives who worked in small or unsuccessful or private firms (Judge, Cable, Boudreau, and Bretz, 1995, p. 495). Additionally, a study by Lin (1999) confirmed that contact status (occupation s prestige and sector) exerted the strongest effect on attained prestige and sector, respectively (p. 471). As such, Lin s study suggests that the attributes of the project management position, located within various industries including business services, construction, engineering, consulting and aerospace may be factors that affect career outcomes including salaries. Career planning is focused on the individuals engaging in activities to control his or her work life and career management is focused on the individual enacting plans that align with the organizational goals and practices (Werner & DeSimone, 2006). The results of the present study indicate that career planning and career management activities may not be aligned with career development and thus may yield ineffective results. Career success is viewed as a partnership between the individual and the organization and both parties need to participate in activities to influence careers (Werner & DeSimone, 2006 ) and assist in jointly meeting workers full potential including status attainment. Likewise, career development, career planning, and career management activities need to be aligned with the projects vision, mission, and goals. The alignment will help each career component work towards a common goal with committed and focused resources to enrich, empower, and support workers. The role of the project manager as a team leader and task integrator may impact project manager salaries. The project manager leads project management activities to meet project deliverables (PMI Standards Committee, 1996, p. 6). Therefore, the project manager is held accountable for the management of the initiatives (Kerzner, 2001) and needs to integrate management and leadership practices throughout all phases of a project to ensure the customer is receiving quality products at the right time and at the right place (Kerzner, 2001, p. 1134). To that end, the project manager s salary may be predicated on the project s overall success and not personal attributes or networks of the leader. Thus, career development activities may indirectly impact salaries through utilization of skills, knowledge, experience, and training to enact activities and behaviors that yields positive project outcomes. The study further suggests that salaries may be distributed based on job performance and job complexity and not career development activities. More specifically, job complexity measures the nature and magnitude of responsibility vested in the job (Agarwal, 1981, p. 38). The complexities of the jobs may be measured based on the number of employees supervised (Agarwal, 1981) and the size of the budget maintained. This means that project managers may need to focus on job performance and duties as means to predict salary outcomes. Study Limitations The study results are limited to the context in which the data was collected and limitations that may be imposed on those results. For example, the study was based on a pre-existing data set and the instrument imposed a limitation because there was no flexibility in using the data or adjusting the measurements. Additionally, the study included data obtained internationally and some of the career development activities, including career path identification, may not be widely practiced within international organizations. Therefore, this 9

10 study was not able to determine or assess the impact of career developments variables on salaries in organizations that do not widely practice career development activities. The study results may also be limited due to differences in language interpretations and language barriers since the survey was distributed globally. For example, the career path questions included in the survey did not include a definition of career path and as such assumed the respondents were familiar with the terminology and definition of career path. Career path as defined in the United States may be defined differently internationally. Implications The implications of the study are two-fold and can be framed based upon employers and project mangers. Project managers and employers can use salary data in various avenues to support and promote human and social capital accumulation. Project managers can utilize the salary related data to plan their career strategies including status attainment through extrinsic rewards. Additionally, human resource practitioners and senior management can use the information to design effective career development interventions to enhance recruitment and retention strategies. Human resource practices are important as they underscore activities that create competitive advantages through the development of human capital. This development is driven by the need to acquire position and status attainment for the company and the project manager. Human resource practitioners need to consider the parameters that are included in compensation packages to ensure a clearly defined reward system that emphasizes equitable distributions. For example, the parameters may include variables that consider the labor market data including salaries by positions and career advancements. Thus, employers that do not create and communicate clearly defined reward systems may create environments that foster low moral and participation based on unpredictability and job insecurity. Additionally, this perceived unpredictability may lead to ineffective work performance (Werner & DeSimone, 2006). To that end, human resources practitioners and senior management may need to develop the reward system, implement the system, and evaluate the success of the system based on employee feedback. The benefits of having a structured systematic reward system include an increased pool of candidates as well as more qualified and satisfied employees. Some individuals may not want to pursue project management as a career due to the potential of not being able to predict salaries as defined by the individuals social capital and project management attributes. Project management as a structured knowledge field for researchers and practitioners is relatively new (Packendorff, 1995) and as such the literature related to expectations and rewards of project work is not as widespread. To that end, some employees may question the value of investing in project related career activities. Project managers are seen as resources that provide competitive advantages by leading teams to meet project deliverables (PMI Standards Committee, 1996, p. 6). As such, employees may need to consider the impact of policies and procedures on project managers career development and career outcomes. Conclusion The findings presented here suggest that career development variables, including social capital and project management activities, may not be instrumental in helping project managers predict salaries. Career development variables were statistically significant in 10

11 predicting salaries but not practically significant. Findings suggest that project managers invest in education, job experiences, social resources, project management activities in order to fulfill rewards not related to salaries. Therefore, further research is needed to understand the attributes that are predictors of salaries including demographics, regions, training, and organizational characteristics. Additionally, the study included project related data and project management as a theoretical and applied discipline has not been widely researched or studied. Further, research is needed to support project management as a theoretical and applied disciple and thus frame the context for continued research to determine what variables are relevant in predicting salaries. Identifying and standardizing reward structures are not only beneficial for project managers but also are beneficial for organizations. More specifically, human resource practitioners and senior management can use the predictors of salaries to attract and retain project managers by offering competitive salaries. Additionally, organizations are integrating quality improvement with strategic goals in order to improve performance (Kerzner, 2001) and project mangers are charged with the task of taking action to lead those initiatives. Investment in the project managers role through extrinsic rewards services as a means to maintain that resource in the future and to retain that resource in the present (Garavan, et al., 2001, p. 48) in order to meet strategic goals with a focus on performance improvement. Note: The work reported here was supported by the Project Management Institute. However, the contents do not necessarily represent the positions or policies of the Project Management Institute. References Agarwal, N. C. (1981). Determinants of executive compensation. Industrial Relations, 20, Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), Breiger, R. (1995). Social structure and the phenomenology of attainment. Annual Review of Sociology, 21, Coleman, J. (1988). Social capital in the creation of human capital. The American Journal of Sociology, 94, S95-S120. Garavan, T., Morley, M., Gunnigle, P. & Collins, E. (2001a). Human capital accumulation: the role of human resource development. Journal of European Industrial Training, 25(2/2/4), 48. Greenhaus, J.H., Parasuraman, S., & Warmley, W. M. (1990). Effects of race on organizational experiences, job performance evaluations, and career outcomes. Academy of Management Journal, 33, Gutteridge, T. G. (1973). Predicting career success of graduate business school alumni. Academy of Management Journal, 16(1), Herr, E.L. (2001). Career development and its practice: A historical perspective. The Career Development Quarterly, 49(3), Judge, T.A., & Bretz, R.D. (1994). Political influence behavior and career success. Journal of Management, 20, Judge, T., Cable, D., Boudreau, J. & Bretz, R. Jr. (1995). An empirical investigation of the predictors of executive career success. Personnel Psychology, 48(3), Kerzner H. (2001). Project Management: A systems approach to planning, scheduling, and 11

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