Here's the flip side, you want the best of the best for the role, right?

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The best of the best might not feel like filling out stupid cover letters, so they just won't apply.

So all you have are useless people that are just paper pushers that just manage upwards, while delivering not much value

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The best of the best, don't work paycheck to paycheck, they are cashed up.
They are not manipulated with this carrot and stick thing, and are motivated by hard work and delivering value

But that's just IMO and it works both ways

If you cant read my resume because you are too busy, then you are too busy to teach me anything, so if you are too busy to teach me anything, then why would I want to work for you