By Janoi Watson
With cybersecurity being such a niche, yet wide industry it is no wonder that our salary survey depicted several interesting results. The question “Do you expect to change jobs in the next 12 months?” saw those surveyed provide a range of answers. Cybersecurity is an industry with an unemployment rate of 0%. This is not a surprise, as according to research Cybercrime damages are expected to cost the world $6 trillion (£4.6 trillion) annually by 2021. That is a huge jump from $3 trillion (£2.6 trillion) in 2015, which is fuelling a rapidly increasing market, with cybersecurity spending expected to reach more than $1 trillion (£772 million) cumulatively from 2017 to 2021, this may be why there is a form of confidence within cybersecurity candidates about moving or changing roles as they understand the demand for jobs in the sector.
86% either expected to move or were open to the idea of changing role. This is a staggering increase from our previous statistics, this should concern companies who are already informing us about their staff retention issues. Of the 86%, only 20% expected to move internally. Internal teams can take some comfort in the fact that only 60% of people did move jobs in the past 12 months. Intent or openness to move does not necessarily mean they will go.
The speed that individuals were able to be placed in a new job was also interesting. 26% of people found a new role in less than 2 weeks, all of those surveyed found a job in less than 6 months. Those that took 3 – 6 months to find a role were those in senior positions, the process for these roles tend to take longer than others.
The results from this year’s salary survey show that the main reason for changing roles is career progression. Perhaps as salaries have increased so much in the past year, achieving that increase almost feels inevitable. Candidates tell us all the time that they want to progress their career, and they want a new challenge. With so much growth in the industry, working as part of a new or growing function can be a real pull factor for candidates.
BeecherMadden’s annual salary surveys are the perfect resource to see how quickly the wants and needs of individuals can change. In the instance of companies, salary surveys allow for the reflection of aspects of the company. Salary surveys help define wage levels and unearth wage developments or variations in compensation.
Over time, with changes in the job markets as well as supply and demand, the numbers in a salary survey will change, fluctuating up or down based on urgency and significance. Referring to salary surveys over a period of several years can help human resource professionals determine new positions, wage increases, fluctuations, trends or jobs on the decline. Salary surveys can also help employers and employees determine numerous wage levels based on the market rate for education level, experience, the type of job performed, the type of job performed and other elements.
To read our full salary survey reports, click on the links below.
UK Salary Survey Report – https://beechermadden.com/sdm_downloads/2019-cybersecurity-salary-survey-uk/
US Salary Survey Report – https://beechermadden.com/sdm_downloads/2019-cybersecurity-salary-survey-usa/