LOB Salary Guide Cyber Security and Data v10 SPREADS - Flipbook - Side 18
18
Salary and bonus trends
In 2021, starting salaries rose at record pace,
both nationally and across many of the
disciplines for which we recruit. Cyber security
and data privacy professionals were among
those who received significant increases to
their salaries when switching jobs during this
time.
Fierce competition within the market continued
to create upward pressure on salaries in the
early months of 2022, but the rate at which
pay improved began to slow down as the year
progressed.
There has since been a notable rise in
the number of organisations who believe
candidates’ salary expectations are now very
aligned with what they can offer (13% versus
just 4% in 2021). Nevertheless, more than a
quarter (26%) still feel compensation demands
are not at all aligned with their salary bandings.
In 2023, we are seeing salaries begin to plateau
and, in some cases, employers are trying to
reduce compensation offers, albeit with limited
success due to talent shortages and the
current economic climate.
“People are thinking about the cost of living
crisis, particularly more junior candidates with
a few years of experience,” says Luke Pulsford,
Manager at Barclay Simpson.
“Candidates are receiving higher offers
than I would traditionally expect, and this
could be because they are negotiating
more aggressively in today’s inflationary
environment.”
While some organisations are supporting staff
with out-of-cycle bonuses to help with the cost
of living, this practice doesn’t appear to be as
widespread within cyber security and data
privacy as it is for other professions that we
cover.
However, employers intend to increase base
salaries by 7% on average over the next 12
months – up from 5% in 2022 – in an effort
to retain valued staff. This appears to have
been offset against wider remuneration costs
though, with fewer firms saying they are likely
to offer bonuses in 2023 (82% versus 92%
last year).