Despite the recession, the desire to retain top talent remains a priority for most firms, according to new research.

The research, from the Chartered Institute of Personnel and Development (CIPD), shows that 74% have not altered their talent strategy at all. Of the 26% that have changed their strategy, almost one in five (18%) are focusing more emphasis on identifying, developing and retaining talent.

The research also shows that only 3% of those that are downsizing are having to let go of key talent while 11% are recruiting talent discarded by competitors and 34% are more likely to recruit in-house.

New media is being used by 22% as a more cost-effective approach.

Reducing reliance on recruiters is a priority for 34% and 23% have introduced a blanket recruitment freeze.

Claire McCartney, organisation and resourcing adviser at the CIPD, says: “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. However, more cost-effective solutions need to be found as return on investment will come under greater scrutiny.”