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What are you biggest complaints about the cutrent system? I'm looking for both perspectives (those from employers/recruiters and those from employees.)
Companies want the best candidate for a job. Recruiters want a candidate that looks good enough for the job. That's the company's complaint, that the goals aren't aligned.
Similarly, a prospective employee wants a job they are good enough for, but recruiters want a prospective employee that looks good enough for the job. Candidates who are good enough, but who don't look good enough, are lost.
Those are basically the two big problems in recruiting. Of course the very idea of recruiting has it's own issues.
I have had recruiters leave me enthusiastic voicemails / emails saying they "can't wait" to speak to me about a position and I am the "perfect candidate", but when I return their phone call or email, there's complete radio silence. Honesty about my qualifications for a given position is key; if I don't meet the job requirements, then tell me so.
It's also annoying when they won't reveal the salary for the position, or when they do, it's only after telling them your current salary. Usually, once I mention my current salary, the recruiter says "this position's salary is close to your current salary". Transparency in this area would go a long way with me personally.