Cybersecurity 0 unemployment seem all good news at first glance. The truth is it brings many problems. Find out those problems here and how to solve them.
In the past years, the demand for cybersecurity professionals has always been greater compared to the supply. A cybersecurity 0 unemployment rate is not always great as it sounds. It just means that there are more “black hats” or hackers with bad intentions than cybersecurity professionals to combat them.
Cybersecurity 0 unemployment is at peak competitiveness. Great for professionals on the job hunt, tough for hiring managers who are in dire need of necessary skill sets. This article discusses the problems that the cybersecurity 0 unemployment rate brings and how can you combat them.
Increased Cybercrime Risk
This is perhaps the most alarming deficiency that the massive shortage brings. The FBI reported in May 2020 that cybercrimes apparently increased by as much as 300% since the start of the COVID-19 pandemic. Moreover, CSO Online projects that this uptick in cyberattacks will cost the world around $6 trillion annually by 2021.
These frightening statistics put employers under extreme employers to fill vacant positions. Thus, the shortage isn’t just the problem of individual employers – it is a national security threat. Hence, employers must work even harder to hire and retain their cybersecurity professionals to ensure they don’t leave the company’s systems prone to attack.
Cybersecurity Salary Ranges
Salary is obviously the main factor that most, if not all, professionals consider in a job offer. However, raising salaries is a brave step for organizations to take considering the crisis we are currently in. Moreover, most companies are having a fundamental issue of not budgeting the salaries required to attract qualified cybersecurity professionals.
Meanwhile, some companies have a false perception. They believe that due to the current economic situation, they have the upper hand in salary negotiations. This perception is way far from the truth. The demand for professionals has never been higher due to our increased reliance on technology. Additionally, the vast majority of these professionals are well compensated.
The bottom line is this: you must offer cyber pros better benefits than they currently receive. That is to persuade them to leave their current situation. In simple words, your company must pay more to attract talent.
Furthermore, you must consider everything else you can offer. For instance, do you have a great healthcare plan or flexible working hours? The latter is currently one of the best add-ons to any benefits package.
Attracting talent is a major challenge, but retaining them is an entirely different situation. With so many open positions, cyber pros constantly receive new job opportunities. You cannot blame them if they occasionally take a peek. A recent ISACA survey reveals that 64% of respondents said that they are having a hard time. That is on retaining qualified cybersecurity professionals.
Of course, the last thing you need is spending significant resources training your new hire only to watch them leave after a few months. To combat this, consider what you offer to new hires. For instance, promote work-life balance including remote working options. Assure them that your company offers career advancement paths by investing in training.