I have noticed that many companies are using social networking tools like LinkedIn and Twitter as new channels to identify and prospect for top talent. These tools are increasing the velocity and decreasing the cost of talent searches in many companies. I recently spoke to a senior leader of talent acquisition who has driven over $1 million dollars of cost out of the recruiting process by eliminating search firm fees, while increasing the process velocity, simply by adopting a social media recruiting strategy.

I must say that my favorite speeches at the Columbia Law School graduation ceremony were made by student speakers – Max Miller, president of the student senate, and Andrew LeGrand, nominated to speak by popular vote of his fellow JD graduates. Trying to pinpoint what I enjoyed about their turns at the podium, I come back to one common theme: rather than waxing poetic about a lesson they learned years ago, they spoke with passion about taking action in the future.

This week I took advantage of an opportunity to cheer on a good friend graduating from law school. I attended the Columbia University commencement and law school graduation. Between the two ceremonies, I listened – staying mostly attentive through the sun and heat – to several speeches from various parties, all imparting words of advice or encouragement to the graduates.

What is the business equivalent of street cred? Confession: the NBA playoffs have sucked me in. I have always been a big hoops fan, but with few exceptions over the last 10 years my affections have been exclusively for the college scene. This year, despite not having any particular allegiances, the NBA playoffs have more than fulfilled my junkie-esque need for basketball in my life.

You may feel like Mine That Bird, coming into that final turn along the inside rail, picking up speed, success is in sight. Finally, victory, you have reduced employee turnover.

It’s not uncommon right now to see employee turnover declines of more than 40%. Congratulations, a job well done. . . Not so fast.