3 hours of prep work X 5 applications (1 application a day for a week) = 15 hours of unpaid work per week, or 60 hours of unpaid work per month. Given that a typical job search lasts multiple months, this is not an insignificant workload to saddle potential employees with. However, if your company is special in some way and people feel it's worth the rigamarole to apply there, then the market will bear it.