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Despite the current economic slowdown, companies should be wary about cutting back on their graduate recruitment programmes, it has been reported.

According to the Times, while companies must focus on weathering the economic storm they should not neglect their long-term goals.

"Indiscriminate, across-the-board slashing of costs, staff and capital expenditures are more likely to damage your customer franchise and leave you weaker," Michael Garstka, a partner at Bain & Company, told the news provider.

He added that rash cost-cutting decisions and short-term survival must not interfere with medium-term plans, which could result in businesses spending heavily to fill gaps.

Mr Garstka claimed companies who freeze graduate recruitment now will be hit with a shortage of managers in three to five year's time, the paper states.

In related news, recruitment expert Carl Gilleard, chief executive of the Association of Graduate Recruiters, said university leavers should not be worried about the effect of the economic downturn on their employment prospects, reports the Independent.

He told the paper that graduates need to be flexible and rigorous when it comes to managing their future career.

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