A 0% unemployment rate for the cybersecurity industry is a huge success. However, it also presents challenges in the cybersecurity job market. For instance, finding qualified professionals for open positions is totally not an easy task.
Thus, a 0% unemployment rate isn’t always great as it sounds. The demand is way better than the supply so hiring managers must rethink their recruiting tactics. This deficiency is alarming as there are more attackers than cybersecurity professionals.
This article discusses the implications that a 0% unemployment target has on the cybersecurity job market. Moreover, you’ll learn strategies for how you can combat such implications.
Cybersecurity Salary Ranges
For many organizations, raising salaries might be a challenging step to take considering our current economic situation. Furthermore, some companies believe that they have the upper hand in salary negotiations in these tough times. However, that is way far from the truth.
The demand for cybersecurity professionals is higher than ever due to the COVID-19 pandemic. Why? Many companies shift towards the cloud, making them more vulnerable to attacks. Thus, companies are competing to attract professionals from a limited talent pool.
This is one of the reasons why many cybersecurity professionals enjoy a competitive salary. Companies want them to come – and stay.
It’s a no-brainer: salary is the primary motivator in attracting and retaining talent. Thus, the simple solution to this is to pay more. Moreover, you must consider everything else you can offer. For instance, do you have a great healthcare plan? Does your company offer flexible working hours?
Like all workers, cybersecurity professionals negotiate for the best benefits plan they can get. As of now, one of the best you may offer is flexible remote work options. Furthermore, be transparent with your full remote or transition to office plans in the offer.
Unqualified Hires
The huge lack of qualified professionals has made many organizations execute poor hiring decisions out of desperation. It’s common for companies to find a perfect fit while wasting months overlooking decent-fit candidates. The need to fill the position only grows stronger. Thus, many end up hiring unqualified individuals for the role just to get it filled.
The key to solving this problem is to invest in training. Finding the perfect professional might not be the best option. Does your candidate tick off five, seven, or even eight out of the 10 skills listed as skill requirements? If so, it might be best to go for it and train them.
Retention Challenges
Attracting talent is a thing, but retaining them is an entirely different challenge in the cybersecurity job market. Cybersecurity professionals receive tons of new job opportunities due to huge demand. You cannot blame them if they occasionally take a peek.
A recent ISACA survey revealed that 64% of respondents said that they have trouble retaining talent. In fact, retaining talent is actually more difficult than finding it. The last thing we want is training new hires only to watch them leave after six months.
Here are some steps you may take to retain talent:
- Define career advancement paths
- Value your employees’ ideas and don’t micromanage them
- Promote work-life balance
- Invest in cyber specific and EQ skills training
