Final answer:
Global Industries' extensive hiring process aims to ensure the selection of high-quality employees and includes background checks, social media scrutiny, and several interview rounds to gather and verify relevant information.
Step-by-step explanation:
Global Industries' extensive recruitment process, including background checks, social media reviews, and a multi-tiered interview process, reflects a comprehensive strategy to mitigate the risks associated with hiring and the problem of imperfect information. This aligns with the methods used by many mid-size to large-size businesses that prioritize confirming the competencies and fit of potential employees to avoid the cost of hiring a 'lemon', or underperforming employee.
Rigorous recruitment processes also include collecting in-depth information about candidates from educational institutions and previous employers, aiming to forecast the candidate's future performance and work ethic. Furthermore, professionalizing human resources functions can help reduce biases and ensure a merit-based hiring process.