With the U.S. unemployment rate at a remarkable low of 3.8%, companies are finding it harder than ever to recruit the talent they need. As well as taking advantage of market conditions, there are certain steps you can take to make sure you maximize your current qualifications to earn your best possible salary. Where I work in the cybersecurity field, for example, there is an abundance of data on the skills shortage and how this is leading to significant pay increases. I have seen salaries increase year over year with the assistance of some specific factors, which candidates can tap into to increase their salary the most.
Gain Certifications
Obviously, certain roles require certifications for you to get ahead. Accountants and other financial experts, for example, will get much further as they gain more qualifications. When it comes to a field like IT, there is a huge range of certifications available and it can be hard to know if you will see a return on the money and time invested in gaining them.
While the need for certifications in each role is highly debated, they are still listed as a requirement on almost every cybersecurity job description. A limited number of professionals have these qualifications, and this demand means you can command a premium if you do. At the end of 2018, 84,557 people in the United States held a CISSP, representing a bit more than 10% of the cybersecurity industry. Using public salary data to back up what we see every day, our team found that this qualification can command a $15,000 premium for the same job. Earning a certification (CISM, CRISC and others are all worthwhile too) can really increase the amount you earn.
Improve Your Communication Skills
Over and over again, we hear that candidates need to be able to communicate technical topics to non-technical colleagues. If you are not able to do this, you will not obtain a senior role in your field, and certainly not the top salaries. At the C-level, you need to be able to communicate risk to the board to get buy-in and budget for your team. Without it, you will not be successful.
If you struggle with this, ask for help. Speak to colleagues across your department or your manager, or look for a mentor. Build relationships outside of your team to begin to understand what your business cares about. Once you understand what they need, you can start to communicate how your function helps the organization in a language everyone understands.
Have A Broad Understanding Of How Your Role Works
When you understand how your role fits into the larger department or organization, you become better at your job. You anticipate risks, spot solutions to problems you might otherwise not have seen and relate to issues that your colleagues are having more easily.
For instance, cybersecurity roles are becoming more niche. Instead of having one person responsible for security, companies will now have teams with dozens, if not hundreds of people. The roles are necessarily more specialized, but to be successful and get paid more, you need to understand how all the positions come together.
Understanding how your position works in general makes you better at your job and therefore, more valuable. To gain this experience, take courses, research more online and speak to colleagues. Look for projects that will give you this exposure so you can gain tangible experience of putting this into action. Consider taking a sideways move to learn skills in a different area that will ultimately allow you to progress higher.
Build Your Network
Attend industry events wherever possible. This will help you build your network in the industry and ultimately enable you to be paid more. Having a better network gives you access to more information. You have more people to call upon to help you solve a problem. You have more insight into what other companies are doing.
The other benefit to building this network is how others see you. If you are seen as well-connected and knowledgeable, colleagues and peers will come to you with opportunities. You will be able to move up the career ladder quicker, ultimately increasing your earning potential.
Move Companies, But Not Too Often
In research undertaken by my company this year, 71% of respondents in the U.K. who moved companies achieved a pay increase of over 10%. Only 28% of respondents who stayed in their organization achieved a pay increase at that level. Moving companies, even for the same role, is the quickest way to increase your salary. However, beware of moving too often. It is not uncommon to move every 18 months within cybersecurity, but the backlash has started. Companies are becoming more wary of candidates who move this often. More than two moves after a short period of employment may be seen as a red flag and hurt your career prospects in the long run.
Progressing your career and climbing the career ladder takes time. These tips all allow you to increase your salary over a relatively short term. These are skills you can gain, or moves you can make quickly and in your own time. To truly earn your best salary, make sure that you know what your role should pay, and be prepared to ask for a pay rise if you feel you deserve one.
