A comprehensive study by CVwizard has revealed the true cost of job applications and time spent on the lengthy interview process for jobseekers. CVwizard has found that in some of the most popular companies in the world, the interview process can be anywhere from four – 16 hours and take anywhere between a few weeks to four months to complete.
If this time had been reimbursed at the salary rate, then CVwizard has discovered that on average for the companies in the study, interviewees would have been compensated with £391, for their interview time.
David Overmars at CVwizard comments: “It is no secret that a significant amount of time goes into applying for jobs, writing CVs, and attending several stages of an interview process. And to think that this would equate to an average of £391, is a significant portion of someone’s would-be salary and personal time. Especially for those who are then sadly unsuccessful in the interview process; it can feel like a waste of time for these applicants, but our study has revealed that they could also missing out on money too.”
Which companies have the most time-intensive job interview process?
When analysing data on the job interview process, CVwizard looked at how many interview stages there were, the average length of time per interview stage, and the average salary if successful, to calculate the hourly rate of attending these interviews and a total cost if the interview process had been paid.
Here are the 7 companies with the lengthiest job interview process for applicants, and how much money is being missed out on:
Apple – $1307.68 (£1025.13)
11 stage interview over 3-4 months for a software engineer, which takes 16 hours, and would be $81.73 per hour if paid.
Uber – $1296.59 (£1016.43)
9 stage interview over 1-2 months for a software engineer, which takes 14.5 hours, and would be $89.42 per hour if paid.
Google – $1010.79 (£792.39)
9 stage interview over 2-3 months for a software engineer, which takes 14.5 hours, and would be $69.71 per hour if paid.
Meta – $735.30 (£576.42)
7 stage interview over 2-3 months for a software engineer, which takes 9.5 hours, and would be $77.4 per hour if paid.
Amazon – $689.03 (£540.15)
7 stage interview over 3-4 months for a software engineer, which takes 9.75 hours, and would be $70.67 per hour if paid.
Tesla – $673.12 (£527.68)
5 stage interview over 2-3 months for a mechanical engineer, which takes 14 hours, and would be $48.08 per hour if paid.
Verizon – $636.12 (£498.67
9 stage interview over 2-3 months for a computer science role, which takes 13.5 hours, and would be $47.12 per hour if paid.
So, should you be paid for your interview time?
Overmars suggests: “Even if you aren’t applying for a job and interviewing at one of the biggest companies in the world with several interview stages, your time is still important. And when the job market is competitive, and many hours go into interview stages and preparing for them, it can feel deflating – and now expensive too – for job seekers. One thing employers could consider is to reimburse the time spent on interviewees who are then successful in the role in the form of a sign-on bonus. This would alleviate the time cost to applicants and help boost trust and respect for their new employer and make it feel worthwhile. Employers should also be mindful of the amount of time it takes to complete their interview process as potential job seekers could be missing out on valuable time and money.”
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