I honestly find it almost disrespectful when you feel some company is putting you through a pipeline. They set up an interview day, line everyone up, grind through them one by one.
The other thing is the technical interview which is unreflective of the job itself. In one recently, I was told before going in I had to code on a whiteboard. I ask, "Can I have I use a text editor, not an IDE or anything, just a text editor?" I get told, no (for nonsensical reasons I won't list here). That sort of arbitrariness and inflexibility turn me off, not to mention the standoffishness of having people stare over your shoulder and judge you rather than work as collaborators.
So I walked away from the interview. I'm happy where I am and you're gonna have to woo me, just a little bit, to get me to care.
Sometimes I wish we were unionized so we could set some standards (for many other things, but this as well).
My theory was that in an interview I wanted to see people at their best. I wasn't hiring them to code on whiteboards or learn how to use new text editors; I was hiring them to spend a lot of time coding in an environment they liked.
More details here: http://williampietri.com/writing/2015/slightly-less-awful-hi...
One of them mentioned feeling less pressure to have perfect syntax and everything at a whiteboard than in an editor. In retrospect, wish I'd asked more of them about their preference, although at the same time, it wasn't something I judged them on so I wouldn't want them to think I was nitpicking their choice.
I'd probably choose a whiteboard too, honestly, for spatial reasons (able to write up separate things off to the side, easily annotate stuff in a different color to step through the code, etc).
The market is likely inefficient for the same reason that the advertising industry is inefficient - difficulty to show than any given change independently improves outcomes.
In tech, though, you hear endless complaints about how hard it is to hire, so I didn't hesitate to optimize the process for interviewee happiness. I expect it would make people more likely to apply, more likely to stay through the process, more likely to accept an offer, and more likely to refer friends.
Regardless, there's enormous waste to be removed from the process for anybody who's willing to put a little thought and work in.
I'm convinced that's the only reason why processes at places like google aren't considered completely broken.
Some of that filtering, whether intentional or not, is how rigorous the interview process is. They can afford to be that rigorous though because the fact is that even if they miss out on one really good candidate there are 10 or more replacements in the pipeline.
The same does not apply for smaller companies with less engineering centric workplaces. If they try to do it Google's way they'll be shooting themselves in the foot.
This is true for a lot of companies - but there's only a surplus of labor if the applicants are qualified.
For a company to be able to be frivolous with their process, they'd need to have more qualified applicants than jobs, and I think even for many name-brand BigCorps, this isn't the case.
One of the things that really struck me at the time was that traditional interview processes are built around a notion of worker surplus and job scarcity. They make very little sense when the opposite condition applies.
Even little things like contacting all applicants within 24 hours really wowed people.