Firms ‘retaining talent’ during downturn

Despite the recent surge in redundancies, retaining talented workers remains a top priority for small businesses, new research suggests.

In a report published by the Chartered Institute of Personnel and Development (CIPD), 74% of firms claimed they had not changed their talent strategy, while 18% said they are actually placing more emphasis on identifying, developing and retaining talent.

Of the 705 employers questioned, 55% are developing talent in-house and around 45% are focusing on essential development.

Although one in four respondents had been forced to reduce staffing levels during the recession, just 3% said they had let go of what they considered to be ‘key talent’.

Claire McCartney, organisation and resourcing adviser with the CIPD, said: ‘It is essential that organisations avoid knee-jerk reactions and cost-cutting in the very areas that will make the biggest difference. Now is not the time to halt employee development nor is it the time to postpone or scale back talent management strategies.’

She continued: ‘Managing, developing and motivating talented employees is even more important because it is the one thing that can differentiate organisations and ensure that they not only survive the short-term but thrive in the long term.’