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In the video, the importance of filling out a standardized employment application, in addition to submitting a resume and cover letter, is discussed. Employers require this application to have a verified and signed record of an applicant's personal and employment history. The application serves as a uniform tool for gathering consistent information from all candidates, as resumes and cover letters can vary significantly in format and content. By using a standardized application, employers can efficiently compare applicants based on the same set of questions, ensuring a fair evaluation process throughout the hiring journey.