Like seriously, time is money right? I'm sure most people can relate to wasting time on numerous applications before ever landing a job. If they set that into law, employers will probably be much less likely to reject applicants, and even when they do, you still get paid for your wasted time.
Edit: I'm not particularly referring to the application part alone, I'm referring to application + interview = rejection. People should get paid for someone calling you in, only to end up wasting your time. Hell, I could have spent that time better at the sperm bank.