In the highly competitive job market, applicants may be looking for a way to make themselves stand out on their resume. While many people think it may not be that big of a deal to add a couple points to their GPA or embellish their true job responsibilities, it may actually not work in their favor.

Many times, applicants think they are getting away with it. However, hiring managers are pretty efficient in figuring out what is truthful and what is not, according to TechRepublic.com

It seems like prospective employees regularly embellish their resume's, according to a report by writer Sally Richards. She cites a study, which was carried out by a resume service, that shows dramatic results.

"[Approximately] 80% of all resumes are misleading, 20% state fraudulent degrees, 30% showed altered employment dates, 40% have inflated salary claims, 30% have inaccurate job descriptions, 25% list companies that no longer exist and 27% give falsified references," wrote Richards.

If an applicant has a large gap between employment dates, use the cover letter as a way to explain what was done during that time. Did the applicant volunteer or do consulting work? By explaining what was done during the gap time, potential employers get to know you better.

Now more than ever, having a great resume is extremely important, as the competition is high and the unemployment rate is a steady 9.5%, according to the Bureau of Labor Statistics.