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In the video, the speaker explains the necessity of filling out an employment application even after preparing a resume and cover letter. Employers require this application to have a standardized, verified, and signed record of each candidate's personal and employment history. Applications serve to gather uniform data from all applicants, as the format for resumes and cover letters can vary widely. By using a consistent application format, employers can efficiently collect the same information from each candidate, ensuring fairness and comparability in the hiring process. This importance is emphasized as the speaker progresses through the application process.