Our Managing Director, Ben Craig discusses employment trends and shares his observations on the current job market.
The Aftermath of the Counter-Offer Trend
In recent years, many companies resorted to counter offers to retain staff, leading to a rapid increase in salaries as firms did all they could to keep their top talent. But now, with salaries beginning to level out, some companies might be finding themselves stuck with an overpaid workforce and inflated salary bandings. This raises the question: have these businesses inadvertently priced themselves out of the market? As salaries become more stable, the challenge for these companies will be to justify the higher bases they offered during the pandemic to retain their team, without overburdening their budgets.
The Skills Shortage Continues (kind of)
Even with all eyes being on the sector, the industry is still grappling with a severe skills shortage (officially). The global security skills deficit has hit a record 4 million, leaving UK companies in a tough spot when it comes to attracting and retaining talent. The fact is, there will always be somebody willing to pay more. This is why it is critical that companies approach the current market with more dynamism around how they procure people. The worry is that the surge of new industry joiners become disengaged and leave the industry altogether.
The Job Responsibility To Pay Disparity
A growing concern is whether companies are helping themselves when it comes to hiring. There’s increasing frustration, as seen on platforms like LinkedIn, about the disconnect between job descriptions and pay. It’s crucial for companies to think carefully about what a role truly requires from the start, ensuring job descriptions are accurate and salaries are fair. This misalignment is discouraging potential applicants and contributing to a sense of disillusionment in the industry.
Talent Acquisition
The importance of having the right person in these roles cannot be overstated, as the absence of key cybersecurity staff can have serious repercussions for a business. This raises questions about the effectiveness of Preferred Supplier Lists (PSLs) and whether they are still fit for purpose. If traditional methods aren’t delivering results, companies must be willing to reassess their strategies. It’s crucial to engage with specialists who truly understand the nuances of the cyber function. For instance, it would not be good business to give somebody at InfoSec People Ltd a Head of Corporate Finance engagement. The benefit that the Internal TA function is unparalleled and must not go unnoticed. When it comes to choosing recruitment partners, it’s about finding the right fit through the right channels to ensure your business is protected.
The good news is that the industry is flooded with exciting opportunities. Admittedly, there is still work to do BUT things are certainly picking up.
Find the conversation here: Benjamin Craig LinkedIn
InfoSec People is a boutique cyber security and IT recruitment consultancy, built by genuine experts. We were founded with one goal in mind: to inspire people to find the careers that inspire them. With the success of companies fundamentally driven by the quality of their people, acquiring and retaining talent has never been more important. We believe that recruitment, executed effectively, elevates and enables your business to prosper.
We also understand that cyber and information security recruitment can genuinely change people’s lives, that’s why we take the duty of care to those we represent very seriously. All our actions are underpinned by our core values:
- Always do the right thing
- Be the best we can be
- Add value
We work with businesses in the cyber/tech arena, from start-ups and scale-ups to FTSE100 and central Government, many of whom are always looking for great people.
Call us directly on 01242 507 100 to discuss opportunities or email info@infosecpeople.co.uk.