After many years of sitting on both sides of the table, I've have come down to this: "hire lightly and fire lightly". In practice, this means beyond the (very) basics, hiring is not algorithmic; it's a crapshoot.
Companies need to realize this and come to grips with it. Additionally, this holds as well for the following: beyond a certain skill threshold, a company will not really be any less competitive by failing to hire the best or even second best candidate. If you are a regional telecommunications firm, and hire the 3rd best candidate, the 1st and 2nd candidates will likely get hired in unrelated firms or unrelated regions (especially in the remote work era). And even if this isn’t so, because most everyone is mediocre, the competitiveness of your firm won’t drop appreciably.