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Some studies predict that every time a business replaces a salaried employee, it costs six to nine months’ salary on average, while others predict the cost is even more, especially when it’s a bad hire. According to the Society for Human Resource Management (SHRM), “The cost of a bad hire to an organization is five times the bad hire’s annual salary.” For an employee making $40,000 annually, that’s $200,000 in recruiting and training expenses down the proverbial drain.

Each year, an estimated 240,000 to 360,000 soldiers rejoin civilian life. For many, trying to find a job upon their return becomes another battle they face. To address this issue, Joining Forces, a nationwide effort to support service members, veterans and their families, was launched by the White House. Initiatives such as these have sparked coast-to-coast interest in veteran-specific recruiting efforts.

Would you consider your organization to be a competitive player when it comes to talent? Research reveals a less than stellar reality for many organizations. In fact, a recent Bersin by Deloitte study indicates that 70 to 80 percent of organizations lack a talent strategy, and if you want to be a champion in the market, you have to have a great strategy.

As 2014 comes to a close, now is the opportune time for employers to reflect on certain issues and trends while preparing for the New Year. One such point is the changing face of business as demographics reflect a more diverse workforce. Studies show that by 2025, millennials will make up 75 percent of the global workforce as they bring their own style and expectations to the table; meanwhile, baby boomers, with their own distinct values and expertise, are staying on the job longer.

After a magical first meeting, Betty was sure she had found “the one.” All the bells and whistles looked amazing as the sales rep showed off the product on his personal computer. The reports were pre-populated for her to view, and at that moment, everything just felt right. Now it’s almost payday and Betty is racking her brain because the numbers just aren’t adding up. She’s called customer support three times, but no one seems to be available. Where are they when you really need them? Despite the magic of that first encounter, Betty was beginning to have second thoughts.

Recruiters use a variety of tactics to find new hires, but one still trumps them all: employee referrals. While online job boards and career sites remain top sources for applicants, referrals often go overlooked as a hiring resource. From a recruiter’s vantage point, employee referrals equal gold. As you may imagine, recruiters have to exhaust all the tricks of their trade in order to stay competitive in the market. With a ratio of unemployed persons to job openings sitting at 3-to-1, employee referral programs (ERPs) are an easy way to build your talent pipeline, because you don’t have to look very far.

With stiff competition at every corner, finding a job is a daunting process. To increase your chances of being selected, you should understand the hiring funnel.

One in four new hires leave before their second year on the job. While it’s easy to point the finger at the employee for not adapting to their new environment, the blame is easily a shared responsibility with the employer. Inexperience, lack of preparedness and a poor on-boarding system are all contributing factors to a new hire’s struggles.

As a recent graduate myself, I know all too well about the immediate fear that ensues the excitement of graduation day. It’s a day you’ve been preparing for your entire college career, but yet it hits you so unexpectedly. Mid-day naps and catching up with friends after class will soon be distant memories. Eight to five will most likely be many of yours’ new normal. While this may not seem ideal for some, each student has an impending responsibility to grow-up, graduate and get a job.

Every day when I pick my kids up from school, I ask the age-old mom question: “What did you learn today?” Of course, they roll their eyes, but it doesn’t matter. The best way to make sure that you retain interesting and valuable information is to talk it over with someone. That’s the theory behind so many industry conferences.The theory is the same post-conference: I always try to find the high note and the Social Recruiting Strategy Conference had many. Ready to get schooled in recruiting?

The great Michael Jordan said it best, “Talent wins games, but teamwork and intelligence wins championships.” Employers nationwide spend countless hours and dollars to ensure their organization has the best chance of not only succeeding, but becoming champions of their industry.

Cultivating top talent is at the top of any good recruiter’s list, but hiring is merely one piece of the puzzle. A successful recruitment process will transition candidates smoothly from hiring to developing and retaining. The process is continual and involves attracting talent, cultivating a solid company rapport, fostering positive employee engagement, and nurturing skills through consistent, ongoing training. Ultimately, it’s about building a strong and reliable workforce that can bring added value to your organization.