> "IQ" tests (which are completely fraudulent)
No, not really. Up for debate is pretty much only the overloading of the word 'intelligence'. But whatever it is, it correlates well with job performance and maximum level of education attainable.
But they are culturally sensitive, and thus racially sensitive, and you need to apply the right test to people, for the right goals, to get meaningful results.
If you want to hire only people n-sigma above the norm, in an area of rich and well-educated locals, and you apply the same test to them as to foreign applicants, you'll likely never hire a foreigner - they won't test as well as they would on a test in their native tongue/tasks/etc.
But if you try to estimate the level of abilities needed and you use the correct test to establish an applicant's ability against that metric and hire from anyone qualified, then the tests are useful. They're even a way for skilled foreigners to test into qualification without having to jump through expensive credentialing hoops.