Yes, that's the counter-argument; that the 3hr application process will in itself filter the pool, and improve match rates, thus keeping effort-to-match rates reasonable. It will have to be seen if it pays off.
One big problem you might face- this would make it even harder for HR to do a passable job, requiring even more time from managers within the company.
One big problem you might face- this would make it even harder for HR to do a passable job, requiring even more time from managers within the company.