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In the video tutorial, the speaker discusses the significance of completing an employment application, even after providing a resume and cover letter. They explain that the application serves as a formal record of a candidate's personal and employment history, which is verified and signed by the applicant. This is crucial for employers, as it allows them to gather consistent data from all candidates. Unlike resumes and cover letters, which vary in format and approach, the employment application is standardized, ensuring that every applicant answers the same questions in a uniform manner. This process helps employers evaluate candidates more effectively.