An assessment centre is usually an all day event (or longer) which forms part of the latter stages of a company's recruitment procedure. Employers want to find out how you perform in different situations and devise activities / role plays to test you in various ways. Although they may seem like a way for assessors to get cheap laughs at your expense by putting you in embarrassing situations, they are actually used for several very valid reasons. They are less subjective, and don't just cover the same ground in the same way as the first interview, while allowing the employer to find out about your ability to work with others.
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