This is problem every employer runs into most of the time, unless you are a brand where people are queuing up but even they have their share of problems where the candidates they want to higher ask a premium.
Coming back to problem most of us specially in India look for the best candidate with all the possible knowledge and experience to come to us at the least compensation. Let us look at this problem in depth. When we say budget we attach a particular compensation to the profile that needs to be executed ie. What the person will be doing and his/her performance metrics. Within a department hiring managers refrain from exceeding the budget to avoid upsetting existing employees with the same compensation and profile. This could make employees upset, compare and renegotiate or simply look out for higher packages. The hiring managers are justified in not exceeding the budget as they need ensure no loss of productivity. Then, How do we then get people within the budget specially when it is in the most hired segment of that industry.
This is a challenge most of us face.
One option is to look at companies which are smaller in size but the exposure would be bigger and compensation would be lesser in comparison. Other option, if training is possible then hire someone with the bare minimum requirements that are essential to the profile requirement and train/mould them. That training could be on the job or through other means. Another way is the seek internal references which would ensure better candidates and monetary benefit for the referrer. Hiring an Ex- employee is also a good option who left on a good note provided he would fit the budget. He knows the entire process, systems and structure wont need time to get on with things.
If none of the above are possible due to any reason, we as a professional recruiting company map companies, their competitors, segmentation, maintain a live database of employees profile and department wise based on different locations. This helps in providing a quick response based on the requirement, budget and candidates fitment criteria.