The Placement (or Shortlist) Status has been added to the Assign To Job function to allow Candidates to be placed onto the shortlist of any open Job at a given stage in the shortlist cycle rather than at the default first status.
When in a Candidate record and using the Assign to Job option, you will see a drop down list (only available when shortlisting, not long listing) that includes all Placement statuses in the "Applied", "Shortlisted" or "Internal" status groups:
The candidate will be added to the shortlist of the selected Job(s) at the status selected.