Despite the economy, there's still a war on for the best talent. Always will be. Give me the best of the best and, even on a playing field tilted against me, I'll take market share away from your merely-average crew every time.
Thus it's a mystery to me why so many organizations maintain such user-unfriendly "talent acquisition systems" on their corporate web sites. Don't believe me? Pretend you're a job-seeker and "mystery-shop" your organization's process. Ask yourself how many otherwise stellar people you've driven away.
I'm betting the number is more than zero. Ask yourself where they went. Maybe to your competitor? Can you afford it? Maybe what's saving you is you're no worse than anybody else.