I've seen peer ranking work well for hiring when people in the team are strong and are motivated to hire even stronger ones.
It doesn't work at all when the team members are not so strong. They tend to value people who don't question "best practices" and don't take bold, unconventional positions. In essence, groupthink wins.
It doesn't work at all when the team members are not so strong. They tend to value people who don't question "best practices" and don't take bold, unconventional positions. In essence, groupthink wins.