What happened was this: By the time the first pick hires had been cleared, they had gotten another job. Same with second pick. Maybe even third, too.
Most people don't have the luxury or will to just sit and twiddle their thumbs for months and months, and those that do will just say fuck it and look elsewhere.
In our case, the place was a revolving door. ALWAYS hiring, never knowing who they'd hire - and those working there would carry the perpetually understaffed workload.
I can understand a hiring process like this if we're talking about fighter pilots, astronauts, special forces operators, scientists going to antarctica, or whatever. But software engineering? C'mon. Delusions of grandeur.