Tips for Competing for Top Cybersecurity Talent When You Can’t Pay Top Dollar

Hiring a seasoned cybersecurity specialist has become extremely challenging at a time when organizations are increasingly concerned about cybersecurity attacks and the resulting consequential impacts. The race to recruit top talent in the cybersecurity industry is quite intense. The most valuable hire in a cybersecurity team right now is a skilled and specialized professional who is also aware of the nuances of business operations and how cybersecurity fits into the more significant objectives of the firm.

Why are Companies Struggling to Hire Skilled Cybersecurity Professionals?

Because of the growing digital footprint and increasing complexity of cyber-attacks worldwide, there is a greater need to secure data and the equipment businesses are deploying. A Gartner survey conducted in 2019 reveals that 61%?of companies are struggling to recruit cybersecurity professionals . A recent Fortinet sponsored survey titled “2022 Cybersecurity Skills Gap” indicates that most of the challenges that businesses encounter while tackling cybercrime are directly attributable to a shortage of skilled cybersecurity workers.

When looking for work, most high-calibre cybersecurity specialists prioritize an opulent salary package. As a result, organizations that offer competitive pay and benefits end up luring the best cybersecurity talent in the industry. Therefore, companies unable to compete with higher salaries have been facing a Herculean task.

Source : https://blog.sekoia.io/cybersecurity-skills-shortage-4-advices-to-better-deal-with-it/

The 2020 IT Compliance Benchmark Survey, conducted by the cloud-based operations platform?Hyperproof , found that 62% of those surveyed had plans to allocate more funds to IT security and compliance. On the other hand, 66% of those who answered the survey said they planned to hire more compliance staff to protect their business.

Another study conducted in 2019 by ISACA , which polled 1,576 security experts, indicated that technically qualified cybersecurity workers are still in short supply and hard to locate. According to the analysis, it isn't easy to retain cybersecurity specialists. Additionally, even the inducement of certification courses sponsored by employers is not helping to retain the best talent.?Most people who work in cybersecurity quit their jobs to look for higher pay, career advancement, and better work-life balance.

Source : https://skillstx.com/2019/03/08/cybersecurity-skills-shortage/

What Are the Primary Factors Influencing Salary Disparities?

• Geolocation: According to the?2020 Cybersecurity Salary Survey , geolocation plays a significant role. According to the survey, security managers in North America make more money than their counterparts in EMEA and APAC. In the US, more than 80% earn between $71K and $110K. In contrast, only 35% of people in EMEA and 21% in APAC receive the same amount of money.
• Size of the Organization:?The size of the organization is equally essential because larger companies generally pay substantially more for the same role than smaller businesses. Additionally, the type of industry also matters. The IT industry tends to pay more to cybersecurity professionals compared to the hospitality or retail sector.
• Experience:?Compared to novices, professionals command higher compensation and benefits since they have more relevant, in-demand skills and credentials for their position.

For all the reasons above, what could small and medium enterprises do to attract skilled cybersecurity specialists to their organizations? How can such companies retain and keep high performers??

Simple Tips for Recruiting and Retaining Top Talent That Will Address Your Queries

1.?Consider a Few Questions to Introspect:?Before determining the pay scale, consider asking yourself the following questions so you can prepare a compensation strategy.

• Who are your rivals in the talent race? Are they smaller businesses or companies from the same industry, or larger businesses or organizations from different sectors?
• Would you like to pay at the high end of the spectrum or fall somewhere closer to the median?

It would help if you thought about your overall financial circumstances. Based on your analysis, you may want to set a higher percentage for positions you believe are crucial to the success of your business and a lower percentile for jobs you think are less crucial. Remember that certain skills are absolutely crucial yet hard to discover and therefore should be compensated with a higher salary.

2. Compare the Salaries You Are Providing to Those of Your Competitors in Your Market:?Now?that you've confirmed that you compensate fairly, check out how you stack up against other businesses that compete with yours for hiring the best cybersecurity talent.

3. Decide?on the Satisfactory Pay Scale:?Keeping an eye on the market can help determine the appropriate pay scale. Therefore, starting with a market value analysis is crucial to ensure you are paying your employees what they deserve. You can also rely on various online assessment tools to evaluate. A candidate with multiple offers will want to know if your competitors offer more or less than the standard rate. Be prepared to explain why you pay what you do and give specific details about how your company decides on compensation hikes in alignment with market demand.

4. Offer Appealing Benefits:?If your organization can’t afford to pay premium market rates for talent, evaluate your complete pay package. Consider providing paid vacations, healthcare benefits, and special perks such as flexible scheduling or commuting subsidies to improve life.

There are monetary values associated with these kinds of offerings, which applicants prefer. Many employees cherish benefits such as flexible work arrangements, paid maternity/paternity leave, medical insurance, and so on. You, as the recruiting manager, must outline all USPs of each position during the hiring process to rope in the best talent.

Another significant factor is high performers don't just care about money. Millennial employees desire more than simply a monthly paycheck. While competitive pay is a crucial facet of an appealing job opportunity, it is far from the only factor that counts.

Several factors impact total job satisfaction, including positive work culture, career advancement opportunities, and confidence in senior leadership. If your organization excels in these factors, highlight these accomplishments to demonstrate how pleased your employees are with their jobs. This aspect is also crucial to retaining the talent you have worked so hard to attract.?

5. Upskilling: With a lack of prospective candidates, upskilling can go a long way towards filling the cybersecurity skills shortage. Additionally, it has numerous advantages for both employees and enterprises. For example, upskilling programs can help build a diverse group of cybersecurity experts within an organization. It is also worth noting that the wait for the “perfect” cybersecurity job applicant may be long and complicated. Moreover, they are unlikely to be competent for long as their knowledge and experience may become obsolete due to the ever-changing nature of the cybersecurity industry.

The Way Forward: Make Cybersecurity Careers More Appealing

An effective risk management process and a skilled cybersecurity workforce are essential ingredients for a successful cybersecurity strategy. Furthermore, a team of seasoned cybersecurity professionals and well-informed individuals can position a company advantageously in the industry. Organizations must invest time and money in cybersecurity education, regular training, and awareness programs to achieve this. Through these evaluations, a company can better determine its strengths and weaknesses, keeping cyber-attacks such as email phishing, identity theft, data breach incidents, etc., at bay.?Additionally, companies must introduce attractive perks and benefits to improve employee retention.

Every candidate is unique and wants to be paid fairly. Every organization has its own set of traits and USPs that make it special. Ultimately, all it takes is a few progressive steps and something that appeals to each individual candidate to make the organization stand out. Organizations must adhere to the best hiring practices and have a recruitment strategy in place to attract top cybersecurity talent.

References:

https://hyperproof.io/resource/find-cybersecurity-talent-for-your-organization/

https://www.glassdoor.com/employers/blog/5-tips-compete-top-talent-cant-pay-top-dollar/

https://blog.sekoia.io/cybersecurity-skills-shortage-4-advices-to-better-deal-with-it/