Recruiters are defiant on their ability to weather the recession, according to a new survey.

The survey, from Bibby Financial Services, shows that 38% have reviewed their client portfolios since the downturn began, while 24% have reviewed their suppliers and 21% have proactively sought financial advice.

However, 17% have had to freeze pay rises and halted new recruitment respectively and 16%  have been forced to cut staff.

David Robertson, global chief executive of Bibby Financial Services, says: “There is no doubt about it - everyone is starting to feel the squeeze from the worldwide money meltdown and it is now really starting to bite the jobs market as temporary and permanent placements drop rapidly. That said, the recruitment industry, which is worth some £26.5bn, is a force to be reckoned with and there is much recruiters can do to buck the downward trend. The fact that one in five are reviewing financial arrangements is promising given that a solid cash flow underpins success, even in the toughest of economies.”