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A good cover letter should highlight your core skills answer the question: "Why should I see you" and generate enough interest for them to read your CV. In a sense a well written covering letter works like an agent on your behalf. Taking the time to write a compelling letter tells the employer you are willing to go above and beyond; not just simply slap a resume in an envelope and mail it. The competition is intense in the job market these days and so it has become very important to have the benefit of an eye catching cover letter. No two letters should ever be the same; each one should be uniquely tailored to the job for which you are applying. A generic cover letter is insulting to an employer and will quickly find its way into the trashcan.
Hiring managers sift through dozens if not hundreds of bland cover letters on a daily basis. If you want to create a resume that will stand out you need to create one that is fun to read. The best way to do that is to have some degree of fun while writing it. Yes you did read that correctly I said have fun with your cover letter. Having fun while writing a cover letter shows hiring managers that you can have fun with some of the less pleasant tasks that will be required in the real working world as well and definitely sets you apart from those boring two-dimensional cover letters that are littering the wasteland known as the dead pile of cover letters.
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When you don t address the specific hiring needs that the company has you are showing that you did not pay attention to their job advertisement. Prospective employers look closely at this and when they don t see that you have taken the time to address their needs and how you can fill their needs then they move on to the next applicant. Again this is another reason why your free cover letter is the kiss of death for your resume. Free cover letters are used by almost anyone who has access to the same place where you got your free cover letter. This means that your prospective employer is seeing the same old cover letter over and over again.