If the open position is 5. considering 50% as the rejection ratio, following is the Sample Situation;
Open Position : 5
Offers Made : 10
Shortlisted : 20
Interviewed : 50
Sourced : 100
So, the 50% of the efforts are wasted by the recruiter in a corporate or in a consultancy. In most of the case the situation is even worse. I know some companies who have offered one candidate out of 100 interviews. Think about the time wasted of the Recruiter, Tech panel and the candidate. Over and above the company is investing high in System, email, transportation, administrative charges like interview room, paper, pen, food etc., on wasting this time?
The smart way of hiring is needed, where you have to reduce your pre-hiring time with a qualitative outcome.