Setting an applicant's status may be useful because it will let you and others know whether a candidate is hired, etc.
If the candidate is hired, choose the “Hired” status on the applicant screen and you will be able to exclude this person from your future searches. You may also identify those new hires by only choosing “Hired.”
Also, you will have further opportunity to assign candidate statuses when you are in the Tracker screen.
Indicator may be a better area as each district can set their own indicators. You can use this in a variety of ways. If you normally color-code candidates, you can emulate that process.