18Salary and bonus trendsIn 2021, starting salaries rose at record pace,both nationally and across many of thedisciplines for which we recruit. Cyber securityand data privacy professionals were amongthose who received significant increases totheir salaries when switching jobs during thistime.Fierce competition within the market continuedto create upward pressure on salaries in theearly months of 2022, but the rate at whichpay improved began to slow down as the yearprogressed.There has since been a notable rise inthe number of organisations who believecandidates’ salary expectations are now veryaligned with what they can offer (13% versusjust 4% in 2021). Nevertheless, more than aquarter (26%) still feel compensation demandsare not at all aligned with their salary bandings.In 2023, we are seeing salaries begin to plateauand, in some cases, employers are trying toreduce compensation offers, albeit with limitedsuccess due to talent shortages and thecurrent economic climate.“People are thinking about the cost of livingcrisis, particularly more junior candidates witha few years of experience,” says Luke Pulsford,Manager at Barclay Simpson.“Candidates are receiving higher offersthan I would traditionally expect, and thiscould be because they are negotiatingmore aggressively in today’s inflationaryenvironment.”While some organisations are supporting staffwith out-of-cycle bonuses to help with the costof living, this practice doesn’t appear to be aswidespread within cyber security and dataprivacy as it is for other professions that wecover.However, employers intend to increase basesalaries by 7% on average over the next 12months – up from 5% in 2022 – in an effortto retain valued staff. This appears to havebeen offset against wider remuneration coststhough, with fewer firms saying they are likelyto offer bonuses in 2023 (82% versus 92%last year).
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