If your organization doesn’t have a well-known, positive “employer brand” (if it is not known as a great place to work) you undoubtedly are paying a penalty. Employers with great reputations can both spend less on employee recruiting and pay less than top dollar to hire the best.
If your employee brand is not positive, why and what are you going to do about it? If your employee brand is positive, but not widely-known, start blowing your own horn. Ask your best people why they hired on and why they stay and use those selling points to recruit more top talent.
You don’t need to be an impressive place to win the best employees. You just have to care and give employees what they value most.