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In the video, the speaker discusses the necessity of filling out an employment application even after preparing a resume and cover letter. The application serves as a standardized method for employers to gather verified and signed information about a candidate's personal and employment history. Unlike resumes and cover letters, which vary in format and content among applicants, the employment application maintains a consistent structure, ensuring that all candidates answer the same questions. This uniformity aids employers in evaluating prospective employees more effectively. The speaker emphasizes the importance of the application process in obtaining reliable data for hiring decisions.