Sarah (a pseudonym) is a marketing manager at a consumer goods company with four years of experience. In late May, she updated her resume and started applying — using the same resume template she had used to help a friend get an internal referral back in March, with only her most recent work experience updated.

Emma (a pseudonym) graduated from a top-tier Chinese university with a marketing degree. At the end of May, while her classmates debated whether to start applying now, she made what seemed like the most rational decision: