> companies are more afraid of hiring bad candidates than they are excited about the opportunity to hire a great candidate
Pretty much - they're willing to reject 100 good candidates in order to avoid hiring one bad one by mistake.
It's also a feedback system/arms race (like college admissions, conference paper submissions, etc..) The lower the acceptance rate, the more places you have to apply. This raises the number of applicants for each position, which in turn lowers the acceptance rate even further. This continues until you reach the maximum number of applications that each candidate can produce. Needless to say, the quality of evaluation is inversely proportional to the number of candidates, so acceptance becomes arbitrary and random.
Pretty much - they're willing to reject 100 good candidates in order to avoid hiring one bad one by mistake.
It's also a feedback system/arms race (like college admissions, conference paper submissions, etc..) The lower the acceptance rate, the more places you have to apply. This raises the number of applicants for each position, which in turn lowers the acceptance rate even further. This continues until you reach the maximum number of applications that each candidate can produce. Needless to say, the quality of evaluation is inversely proportional to the number of candidates, so acceptance becomes arbitrary and random.