This Week’s Signal
The market has shifted from hiring to onboarding.
What Changed
Hiring held steady, but the market is shifting.
Active roles: 90 (down from 92)
Hiring Index: 142.0 (down from 150.0)
Expansion Rate: 17.9% (down from 18.8%)
Median roles/company: 3.0 (flat)
Scaling companies (3+ roles): 11 (down from 12)
Top-four share: ~50% (up from 47%)
The overall size of the market changed only slightly. The more important shift is where activity sits.
A greater share of remaining demand is now concentrated within a smaller group of companies, as roles continue to turn over across the rest of the market.
Spellbook, Kraken Robotics, CoLab Software, and Vish Limited now account for roughly half of all visible demand.
Weekly View: Under the Surface
It’s been a month since the launch of the Undercurrent, and the market has shown a clear pattern: roles are turning over quickly.
Of the 170 positions tracked since launch, nearly half have already come off the board, with March postings moving especially fast while April roles are still relatively new.
That isn’t a slow market but a time-sensitive one, where opportunities exist but don’t stay open for long. At the same time, more of that activity is concentrated within a smaller group of companies.
Taken together, the pattern is becoming clearer:
This is a market defined by speed and concentration, not scale.
The implication is straightforward:
Waiting carries a higher cost than in a typical hiring cycle.
Company Insights
Spellbook expanded from 14 to 17 roles and now accounts for roughly one in five live roles.
Kraken Robotics slipped slightly (12 → 11) but remains a core anchor.
CoLab Software edged up (9 → 10) and stays firmly in the top tier.
Vish Limited rose from 5 to 7 and moved into the upper cluster.
Vision33 narrowed from 7 to 4 and dropped out of the top group.
Selected Roles
A snapshot of current demand:
Spellbook: Software Engineer
Kraken Robotics: Intermediate Electrical Engineer
CoLab Software: Senior Back End Software Developer
Avalon Holographics: Supply Chain Manager
Verlo Finance: Software Developer
Vision33 Inc.: Sales Executive, Sage Intacct
ClearRisk: Customer Success Manager
Get the Full Signal
The directory shows what’s visible.
The full report shows what’s actually changing, where demand is looking up, which teams are hiring with intent, and what to watch next.