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Are Contests the Best Way to Find Programmers?

Nerval's Lobster (2598977) writes | about a year and a half ago

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Nerval's Lobster (2598977) writes "Tech firms are engaging in several non-traditional hiring methods, from programming contests to finding the right people via algorithm. One of the more popular methods: set up a coding challenge or programming contest to bring out interested parties, with the top prize being a trip to the sponsoring company’s headquarters to interview for a job. Look at what Facebook is doing in this area, sponsoring several Kaggle.com programming contests to find the best programmers; it also makes use of the site InterviewStreet to screen potential applicants. In theory, any company can build and run a contest online. But is it really the best way to go about hiring a programmer (or any other tech-minded employee, for that matter)?"
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