Everyone in my company is interviewing and we hire very few of the applicants because few are qualified. Having to spend 2 hours of every single employee's time

Everyone in my company is interviewing and we hire very few of the applicants because few are qualified. Having to spend 2 hours of every single employee's time a week and each employee is being paid close to 1/3rd of a million dollars or more is difficulty in hiring. Oh, and when you do find someone qualified they have 5 other offers.