The best candidates write great cover letters. The best hiring managers actually read cover letters.
It really doesn't take that much time to write a decent one. Even if you spend an hour researching everything and crafting it, isn't that worth the investment to land a great job?
You'll need all of that info and your elevator pitch and positioning to perform well in the interview anyway! It's not throwaway work.
Yeah, it's true that your cover letter will probably be ignored by lazy, disrespectful bosses. But, you wouldn't want to work for them anyway.
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