What do search committees really read in a CV during initial screening for a faculty position?

Faculty positions are very competitive, and each advertisement should roughly receive hundreds of applications.

I think search committees cannot spend more than 1 min reading each CV during the initial screening (correct me if I'm wrong).

CVs are usually 10-20 pages documented in different formats, and it is not easy to capture potentials of a person in 1 min.

Owing to the fact that not all committee members are fully familiar with the journals in which applicant has published, his/her research impact, his/her universities of education, or the importance of his unusual achievements.

Then, how does a search committee shortlist the candidates during the initial screening? What do they quickly look for in a CV to keep the candidate?

NOTE: My assumption for 1 min for each CV was based on a simple math. If a job ad receives 400 applications, each member should spend almost 7 hours to review only CVs (not looking at other documents). If my assumption was somehow wrong, please forgive me. Your answer can clarify the issue anyway.