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In the video, it is explained that even after crafting a strong resume and cover letter, candidates often still need to complete an employment application. This is crucial as it provides employers with a verified record of an applicant's personal and employment history. Many employers use a standardized application process to gather consistent data from all candidates, ensuring that the information collected is uniform and comparable. Unlike resumes and cover letters, which vary in format and content among applicants, the employment application asks the same questions for everyone, facilitating a more effective evaluation of potential employees.