Employers must strive to retain talent

Small employers are fighting to keep top talent despite the downturn, according to new research.

A new report published by the Chartered Institute of Personnel and Development (CIPD) shows that most organisations see talent retention as the top priority.

Despite the downturn, 74% of organisations have not changed their talent strategy at all, while 18% are actually placing more emphasis on identifying, developing and retaining talent.

Some 55% of companies are developing talent in-house and around 45% are focusing on essential development internally.

Claire McCartney, organisation and resourcing adviser at the CIPD said that managing, developing and motivating employees was even more important during the downturn.

She 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.”

A quarter of respondents said they had to downsize, but claimed they have consciously preserved key talent throughout the process. Just 3% of those that are downsizing have had to let go of key talent while 11% are taking the opportunity to recruit talent discarded by competitors.

© Crimson Business Ltd, 2009