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In the video, the speaker emphasizes the necessity of filling out an employment application even after crafting a resume and cover letter. The application serves as a formal record of a candidate's personal and employment history, verified and signed by them. This process is essential as it ensures employers gather consistent data from all applicants. Unlike the varying formats and approaches of resumes and cover letters, the standardized employment application allows employers to obtain uniform information, enabling direct comparisons among candidates. Thus, the application is a crucial step in the hiring process.