[statics]

No, it's not a strong indicator that the process is random or worthless. That makes the assumption that the people rejected by the process would have scored just as well. It could be very good at determining who has the technical skills to work there. It might be that their performance scoring of hires is measuring something else- like how much their manager likes them.

[vonmoltke]

It could, but if technical skill is uncorrelated with performance scoring it will be really hard to determine how many people who make it through the process actually have the technical skill and how many don't.