Organizational culture is important. The typical ways of making decisions, of communicating, and responding to events, say things about "the way things are done."
So what does your selection process say about your culture? Scott Adams makes a good point that things like trust and respect are frequently claimed, but what happens when your actions don't necessarily match your words?
Solution: communicate, communicate, communicate. Let applicants know why you put them through what you do.
Oh, and while we're at it, be careful who you ask to do your selection.