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ICT security specialists are in high demand and having a strategy to hang onto yours is vital, writes Achievers APAC general manager, Matt Seadon.
What a difference a year makes. In early 2020, Australian workers were collectively braced for a world of economic pain, as COVID lockdowns and the extraordinary economic contraction these engendered – GDP fell by an unprecedented 7 per cent in the June 2020 quarter – put millions of jobs at risk.
Eighteen months on, the outlook is rather different – and much brighter. Employers across multiple sectors, from ICT to agriculture, are bemoaning the shortage of qualified staff and putting pressure on the federal government to restart skilled migration programs to address it.
The cyber skills scarcity
In the cyber security sector, meanwhile, the skills shortfall predates the pandemic.
Australia’s Cyber Security Competitiveness Plan 2020, by AustCyber, notes that substantial growth in cyber security spending in this country has led to the creation of an additional 4,000 jobs in the industry since 2017. Around 26,500 people worked directly in the sector in 2020, with many more employed via indirect jobs.
Soaring demand is likely to see the creation of 7,000 more jobs by 2024, as businesses and organisations collectively up their spend to reduce the chance of falling victim to a crippling ransomware attack or reputation-destroying data breach.
Government and industry programs, including the Australian Signals Directorate’s CyberEXP Program and the Australian Defence Force’s Cyber Gap Program, have been launched to help develop a workforce that can rise to the challenge, while higher education institutions have begun offering a string of new courses and qualifications.
A battle for talent
But growing the talent pool isn’t an overnight exercise – and waiting three or four years for skilled personnel to become available isn’t an attractive option for businesses in an era of rising risk.
Meanwhile, what’s been dubbed "the Great Resignation" is likely to compound these challenges. Global research suggests that 40 per cent of workers will be seeking out pastures new, in the new year. Here in Australia, the outlook is even worse, so far as employers are concerned: the latest Future Forum Pulse survey suggests 57 per cent of knowledge workers will be assessing their options in 2022.
Bottom line: where cyber security is concerned, we’ll see strong competition for talent for the foreseeable future. That means it’s critical for organisations to put strategies in place to retain the services of the cyber specialists they already have.
Show them the money
Offering more flexible working arrangements should be one of those strategies. The COVID-triggered work from home boom has demonstrated that this can work for employer and employee alike, provided both parties are clear on expectations and appropriate support is provided.
Paying at least market rates is also a given. With ICT skills across the board in hot demand over the past 12 months, median salaries in some segments of the industry have risen by as much as 40 per cent. Employers that are unwilling or unable to keep pace may swiftly find themselves out of the race.
Creating a culture of belonging
Meanwhile, there’s a third factor that can play a key role in determining whether individuals will head for the door or stick with your organisation for the long haul, and that’s a sense of belonging and inclusion.
Employees who consider themselves integral to an organisation are twice as likely to be engaged, committed and productive as those who do not, according to Achievers’ 2021 Culture of Belonging report.
That’s why fostering a company culture which acknowledges, celebrates and rewards employees for the contributions they make can improve productivity and engagement levels and go a long way to preventing staff churn, in all sorts of times.
But the recognition and reward that underpins this culture may only occur haphazardly, if it’s left to the discretion of individual managers.
Instigating a formal recognition and reward program, which utilises digital tools to manage the process, can ensure all leaders within an organisation engage with and acknowledge employees for their efforts, in a timely, positive and meaningful way.
As local cyber specialists continue to find themselves swamped with attractive options, it’s an investment that organisations which are serious about risk mitigation should put high on the priority list.
Matt Seadon is general manager – APAC, Achievers.
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