Over the past 12 months we’ve talked a lot about the ‘jobseekers market’; the Great Resignation, candidate shortages, salary increases, and the cost of losing talent as people re-evaluate their roles and have the confidence to look for new opportunities. As a result, we’ve seen organisations go all out to attract new staff, as well as the rise in counter-offers as a retention strategy.
One thing that continues to stand out is that attracting and retaining top talent comes down to more than the salary alone. Candidates and employees are seeking packages and benefits beyond the base dollar sign, as well as companies that align with their own values and work-life aspirations.
The Whole Package - What Should Organisations Consider?
After the last two years, the top trend we see in terms of what employees look for is the ability to work remote or a hybrid model, and/or more flexible work arrangements in general. Whilst many are happy to come back into the office on occasion to reconnect with colleagues, most no longer want to go back to previous ways of working, having become accustomed (and prefer) to spend at least part of their time working from home.
Another knock-on effect from the pandemic is the increased focus on health and wellbeing for employees. Organisations that can demonstrate their support for their staff in the form of health benefits (including a specific mention around mental health) are likely to be more highly considered in the job market.
Training and development opportunities are also a factor that both current and prospective employees want to see from organisations, as well as understanding what their career progression (where relevant) within the company might look like.
In our 2022 Annual Cyber Security Salary Guide, we highlighted some of the other more common benefits that we see offered to cyber security professionals as part of an employment package. These include:
It is of course important to note that these are things that some of the biggest tech companies are offering as benefits - while some might realistically be out of reach for smaller companies on more modest budgets, it’s worth thinking about what can be done and feasible alternatives to make a workplace more enticing when competing for talent.
Employee Value Proposition
Something that employers may also want to consider is developing and articulating their Employee Value Proposition (EVP). Encompassing both the intangible and tangible elements of a company’s brand, an EVP outlines the value and benefits staff receive in return for their skills, capabilities and experience. It can be a powerful external marketing tool for attracting new talent, and equally as important internally for engaging and retaining employees.
What is included in an EVP will vary across organisation types and sectors. Here at Decipher Bureau, as an example, ours include:
In this highly competitive job market, chances are the candidate that an organisation is keen on hiring also has offers from other, equally keen employers. Aligning salaries to meet industry demand is obviously a starting point - but it’s more likely to be the ‘extras’ that help a candidate ultimately decide where they want to make their next move, or alternatively, to keep an employee in their current role.
Speaking of recruiting top talent, Decipher Bureau is currently looking for consultants! If you're interested in having a chat about joining the team, and to find out why we’re a great place to work, please get in touch.
Alternatively, if you’d like any more information about recruiting or retaining top cyber security talent, or if you’re looking for your next cyber security role, reach out to the Decipher Bureau team. With offices across Brisbane, Sydney and Melbourne, and an experienced team around the world, we’d love to help you out.