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In the video tutorial, it is explained that after preparing a resume and cover letter, candidates often still need to fill out an employment application. This application serves as a formal record of the applicant's personal and employment history, which is verified and signed by the candidate. Its importance lies in the consistency it provides; many employers use a standardized application form to gather uniform information from all applicants, facilitating comparisons. Unlike resumes and cover letters, which vary among candidates, the application ensures that every applicant answers the same questions, allowing for a systematic evaluation process during hiring.