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At PMLogic’s August PM Mixer, we had the privilege of bringing together professionals from various sectors to discuss one of the most critical yet often overlooked aspects of project management: Benefits Management. As projects increasingly align with larger strategic objectives, understanding how to effectively manage and realize benefits is key to long-term success.
To shed light on this, we invited a panel of experts with extensive experience in leading high-impact projects: Jessica Brown (Head of Research Project Operations at Black Dog Institute), Kanwal Nazim (Program Manager for Ministry of Health), Jiah Lee (Project Coordinator for PMLogic), and Issa Shaweesh (Program Manager for PMLogic) to share their insights on benefits management as members of a panel discussion.
The key takeaways from our panelist’s range of experience:
1. Use the language of the people you want to involve in the benefits management life cycle to get them on board.
Where the word ‘benefits’ may be unfamiliar to people of the organisation who will dismiss project terminology as irrelevant, introducing and integrating benefits through language they understand is essential to keeping them interested and thus monitoring and sustaining benefits for the project.
2. Tracking benefits by including benefits as an item on status reports.
Even if there is nothing to report about in terms of benefits, as an item on weekly status reporting the project team is encouraged to consistently think about benefits and work towards their realisation. Benefits are to be identified at the beginning of the project and need to be SMART to be tracked and measured.
3. Projects are temporary and it will be the business that ultimately owns the benefits.
Therefore, creating that link between the project and the business ensures that the project is a vehicle for carrying out the organisation’s strategic goals. Benefits management is what will align projects, programs, and portfolios to the overarching business strategy. The management of transitioning benefits into business-as-usual should also be considered to ensure organisations fully realise the strategic change to be delivered by the project.
4. Finding the right person to own the benefits is critical to its realisation.
Most often this should be the sponsor and owner of the funds as they are the one who gains the most from the benefits. They also act as the bridge between the project and business and can be critical in supporting benefits identification with their understanding of the organisation’s strategic goal.
Assigning responsibility to own the benefits on a day-to-day management level ensures that someone is responsible for following through at the ground level when senior managers may not prioritise and focus strongly on benefits realisation. This person may not have the title of benefits manager but serves such a role.
5. Benefits are more than just financial, consider social and environmental benefits that are value-adding to the organisation.
Increasing emphasis on social and environmental benefits raises questions on the balance between financial gain and the impact of projects on sustainability. Identifying non-financial benefits ensures the organisation carries out their responsibility to people and planet.
The panel concluded with contributions from the audience that provoked thought on finding ways to manage benefits that are only realised years and maybe decades into the future.
This is the perfect opportunity for project and program management professionals and students to connect, share insights, and explore the latest advancements in the field.
Join us at the next PM Mixer on the 19th September for discussions on people change management.
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