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The primary concern for all businesses at the moment is survival.

The report, part of ACCA's Professional Insight series, reveals that businesses experiencing difficulties can find alternative ways to reduce employee overhead costs without compulsory redundancies. For example, measures such as reducing the working week or caps on pay, though severe in appearance, can have the effect of increasing firms' ability to retain talented employees for the longer term - ready for when the upturn begins.

Furthermore, businesses that are able to concentrate on employee retention and expansion have a unique opportunity to foster high levels of loyalty through targeted employee engagement programmes and a compelling employee proposition.

'Even in these difficult times, staff cuts should always be a last resort,' said Jamie Lyon, ACCA senior manager - professional development. 'Now is a good time for businesses to invest in their current talent pool and to add depth to that pool through continued investment in training and professional development.'

To download a copy of Perspectives on Talent Management in Challenging Times, please go to ACCA's Managing Human Capital microsite