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Companies holding on to the best and brightest workers have a distinct competitive advantage, according to new research.

The new study, carried out by PDI, found that the economic downturn has resulted in employers putting extra effort into retaining their key members of staff.

After polling 530 human resource professionals and business leaders, PDI claimed that companies are desperate to hold onto good workers, especially in the current economic storm.

Simon Callow, managing director PDI UK, said: "When the economy is tight, company leaders realise that the best and brightest talent can give the organisation a competitive advantage."

He added it may seem counterintuitive for employers to retain staff during the credit crunch but said overworked employees will start looking elsewhere for career opportunities unless businesses take action.

In related news, Japanese bank Nomura has agreed to buy some of collapsed US investment institution Lehman Brothers.

Bailing out part of the firm's European business, the move is expected to safeguard 2,000 City jobs, according to PricewaterhouseCoopers.

Some 4,500 people were left facing redundancy when the bank collapsed over a week ago.

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