Talented employees who are committed to your company's success are your most critical assets. For those who hire -- and on whose decisions the fate of their company is shaped - the current talent shortage has been the toughest test of their approach to building human capital.

It's no surprise that many hiring officials and human resources professionals are becoming less concerned with the "cost per hire" and increasingly aware of the impact that not filling positions might have, or the "cost per no hire." But, somewhere in the middle, and increasingly being evaluated, is the "value per hire."

You just can't weight cost per hire as heavily as a few years ago. Times have changed and hiring has changed. The cost for not hiring may be more difficult to calculate, but it is a true cost just the same. Companies constrained from meeting their growth and profit goals are forced to consider this lost opportunity cost.

Competitive hiring has never been a "one-size-fits-all" activity that could be driven by the recruiting budget. One way to strike a balance is by evaluating the value of a hire. Here are five questions that ask you to broaden your view of hiring:

1. Able to Leap Tall Buildings? How much does the position contribute to your company's competitiveness?
2. Rarer Than the Hope Diamond? How difficult is the position to fill; are there few candidates from which to choose?
3. Have I Got a Bargain for You? What are the direct costs for filling the position?
4. Absence Makes the Heart Fonder? Is there a discernable impact from not hiring?
5. A Hiring Home Run? Are you getting Value with a capital "V"?

Some of these questions may be easier to answer than others. Assistance from your APICS Employment and Recruitment Coordinator, may be useful both in addressing these questions and to assist you in focusing your human resources planning and proactive recruiting.

What is critical today is that companies adopt hiring strategies that anticipate tomorrow's needs, not just fill today's.

One strategy is to identify top-notch candidates who are currently employed and form strategies for hiring them for possible future positions. The very best employees in the market probably won't respond to help-wanted ads and many candidates have become increasingly wary of listing their resumes with Internet hiring services.

A capable recruiter, either internal to your organization or external (in a search firm), knows how to find top candidates, including those who aren't actively seeking a change, but might be open to one nonetheless. These "Talent Scouts," are highly familiar with individuals who can be your next star employee and really make a difference to your company. One advantage is that they stay in touch with thousands of candidates until they are ready to make that career move that is a perfect solution to a company's critical need.