Hatred towards an interviewing process in the tech field is a common topic, but if you were to design the hiring process from scratch how would you do it?

Should we keep doing the standardized repeatable whiteboard-style interviews?

Or should it be a take-home assignment? Paid or not?

Or maybe we should move to the model of already vetted candidates where you just pick and hire?

I'm interested in the perspective from both sides - the companies and the candidates.