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I don’t include them
I know that a lot of organizations don't read them. And I don't blame them, I would assume most of them are just inane buckets of buzzwords and gibberish. But I think it's worth writing one if you've got something to say. It gives you an opportunity to highlight things that may not fit into the dry resume format. And, you can show some personality. If you write one and no one reads it, it doesn't cost you anything. But if you write a good one and it arrives in the hands of some literate soul, it may do you some good.
It costs you time and energy. Especially if you're going to actually craft a good one specific to each role. So no... it's suboptimal to write one.
I have never used one for the jobs that I have had.
My rule is simple: if it's a clearly advertised role (level, skillset, etc.), then it's pretty damn obvious why you're applying - so you don't need one. However, if there IS no advertised role and you're trying to cold call companies, then yes... use it to explain how you can be an asset to their business. I wouldn't write this as a document, though. I would write it directly into the body of the email. The only caveat is if they advertise a role and it DOESN'T match your profile - e.g., you're a senior engineer, and they're looking for an entry-level role. It could help to explain why you're applying... but these days even that isn't uncommon.
No