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As a manager looking to hire a new employee, would you prefer a telephone interview (Skype is also becoming very popular) or a face-to-face interview?

As a manager looking to hire a new employee, would you prefer a telephone interview (Skype is also becoming very popular) or a face-to-face interview? As a prospective employee looking for a job, would you prefer a telephone interview (or a Skyped interview) or a face-to-face interview?. Why?

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