Million Dollar Question!! Right!! Well, companies are trying their best to find the right answer to this question. To be honest, there is no right or wrong answer. It normally depends on how companies approach this question. Here are 3 points that can surely help companies to answer this question.

Job Description: Normally this is the one aspect that most of us take for granted. We often don't give it the right weight-age that it deserves. This is where things can go wrong and you end up hiring the wrong candidate and then you need to put in extra time, efforts and money to hire the right person. This is the first step of recruitment, no matter which company you work for. Right, Complete and Detailed JD will give the hiring managers, sourcers and recruiters the confidence to hire the right fit. There has been lot of talk about Cost of Bad Hire. Well, you can read more about Bad Hires in my previous post.

Right Channel: Job Portal, Vendors, Employee Referrals, Social Media. These are some of the major channels that are being used to hire resources. Most of the companies try to reduce the dependency on external agencies ie Vendors. Job Portals are still the best and ideal way to hire in Indian context. For example, on an average companies pay close to 10lac per year to a job portal to access its database and for job postings. So now you can reverse calculate money saved in a year. Some companies pay 20-40 lac to LinkedIn to do the same. But the target audience is different. (Leadership Roles). Still companies can breakeven. Interesting right!!! For those companies who do not want to pay huge sums, normally go for channels such as Employee Referrals and to some extent Social Media. Some might say that Employee Referral does involve cost, well, it does. But you are motivating your own employee to refer their friends. So they are your brand ambassadors.

Employer Branding: I believe every employee is a Brand Ambassador of your company. Imagine each one of them posts current job opening on their LinkedIn Status, Facebook Page, Twitter etc!!! If an organization has 500 or 5000 employees, imagine the reach that it will have!!! Does it involve cost!!!! NO. All you need to do is encourage your employee and make them feel special. Employees must also feel that it is their own company and must be proud of sharing news, information and spread a word in the online and offline world "They are proud to work here' or "They enjoy working here" The day this happens, well, the results will be just amazing.

Well, just had these 3 things in mind. Did not want to include big jargons and sound impractical. These are things that can be followed no matter if you have 100 employees or 10000. The biggest assets for any company are its employees. So they need to find a way to make them feel special. This is not just the job of an HR, but of every employee working in the organization.

Kamdar Kunjal is Assistant Manager - Talent Acquisition at Quinnox. Follow him on Twitter @kunjal23