The funnel of doom is broken because sourcing 100 people only yields the 20 who happen to reply (caught on a bad day), so remainder hiring regresses to the mean; instead, you should identify the top 50 people in the world for a role and relentlessly activate them.
Adam Ward contrasts the 'funnel of doom' (mass outreach, weed out, hire the remainder — which regresses to the mean) with a 'pillar of excellence' approach: define great up front, map the top ~50 people, and pursue them directly.
transcript
Adam Ward: Companies think about recruiting like a funnel. I'm going to reach out to 100 people. 20% of those will apply. By definition, that is not the top 20%. That is just the 20 people who you caught on a bad day... you kind of regress to the mean over time as you get to as you get to volume. And so, I we just think about this in a different way is like, what if you had confidence up front of who the top 20% was and then you use your assessment process to validate that thesis of who those are... there's this funnel doom, but there's like within a funnel doom this is a pillar of excellence. What if you started with the pillar of excellence and went from there versus having this wide funnel?