This is according to business development firm SFL, which suggested that managers need to keep workers engaged and drive the performance of their organisations in order to navigate the financial downturn.

Such leaders also need to focus on their strongest assets, maintain their focus and adapt to market conditions, the firm advised.

"Strong leadership is essential for companies to survive in a turbulent market. It's vital leaders set out a clear and compelling vision, are open and honest and motivate their team to pull together in difficult times," stated John Fay, founder and chief executive officer of SFL.

Last month, the Chartered Institute of Personnel and Development recommended that firms seize opportunities to recruit, train and reward staff - despite the more difficult circumstances - in order to benefit from a competitive edge.