CURRENT TRENDS
Hiring Pause
- 62% of our customers pause hiring in Q1 due to the uncertainty of the market or volume of work (i.e. professional services).
- Highest demand for these skillsets:
- PCI QSA
- Penetration Testers / Offensive Security Engineer
- Data Privacy / DLP: with CPRA commencing July 1st, big push for Data Privacy professionals.
38% Advantageous Hiring
- Organizations are hiring good talent that has been affected by layoffs
WHAT CAN YOU EXPECT?
Labor market will pick up in April 2023
- Confidence in economy grows – positive signs from DC
- Firms with Jan-Dec fiscal year have budgets finalized
- Final hiring push before budget renews for firms with June fiscal years
Firms are learning from the COVID hiring cycle
- After a 6-12 month pause in hiring, firms suddenly looking to hire found themselves in a “war for talent” which led to spikes in salary expectations.
- Now firms have learned to be more consistent in their hiring to avoid the same pattern.
HOW TO GAIN A COMPETITIVE EDGE?
Capitalize on talent rejoining the market post lay-offs
- Organizations are laying off top-tier talent that have not been in the market. Firms can hire proactively, when everyone starts hiring talent becomes more expensive (on average $10k-15k higher base salary)
- Lay-off’s to note – see Tech/Start Layoff Tracker https://layoffs.fyi/ )
- Optiv: -7%
- Zoom: -15%
- NCC group: -7%
~60% of Cyber talent is not on LinkedIn anymore…
- Most firms find their talent through referrals, LinkedIn or Job Adverts, but these candidates are in multiple processes. Focus on ‘hidden talent’.
