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In this video, Stacy Davidson, founder and CEO of Virtual Job Search Coach, discusses the importance of having excellent references during a job search. She explains that employers value references to verify candidates' relevant experience, skills, teamwork, character, trustworthiness, and overall credibility. Reference checks are conducted to assess past behavior and performance, which are seen as indicators of future performance. Davidson emphasizes the need to ask potential references for their consent in writing and highlights the significance of selecting individuals who can speak to your capabilities, accomplishments, and growth areas effectively.