I have been experimenting with alternative forms of assessment in my MBA and MSc Entrepreneurship classes over the last year, partly because its fun and reasonably innovative, partly because I have noticed a trend towards personal digital brands being supported via YouTube clips. YouTube is the number two social media platform, important to remember (especially if you are not a digital native).
I believe this to be an important professional employability skill that not everyone is comfortable with, unlike personal statements and written applications.
This last week I have been coaching a couple of undergraduates who have been asked to present their applications by answering two questions in a 2 minute video. On the Royal Holloway MBA we have also experimented with the video interview technique, it can provide a motivation hurdle (the less motivated fall out of the process via self de-selection) and allow for rapid assessment of inter-personal presentation skills that you get in an in person interview, without having to run through 35 minutes of odiously repetitive questions and ticking the 'fair process' box when you've known from minute 2 (or 5) that the candidate is in or out.
Additionally it may allow for some measure of creative and technological prowess, as the functionality to produce a half decent video clip is now embedded on many smart phones, so not just restricted to film studies types and tech gurus. The settings in YouTube allow you to limit the discoverability, and although you feel like you are making something very public, you can lock down access to just the people who you have shared the link with.
It is unlikely to replace interviews altogether, for key roles the intangible 'likeability' factor and getting a sense of presence is only realisable in a meeting context. But positioned as part of an initial screening process I think this approach is going to become more and more popular.