I can't even fathom in what ways you think "time to hire more, and fire fast?" is more "effective and equitable"? You just shove even more risk onto individuals who might be getting their footing still.
You're just turning a 8-9 hours commitment to an interview into a 6 month commitment. Sure, you get paid but you also have to deal with churn and burn.
I mean, did you think stack ranking was a good idea?