In the midst of a weak economy that has cut into the market for job listings, Yahoo (NSDQ: YHOO) HotJobs is turning to a variation of the pay-per-click advertising model. HotJobs will now allow recruiters to pay based on how many people actually apply to the jobs they list, instead of per job listing. Recruiters can limit the number of applications and also screen candidates—thereby eliminating the possibility of big charges if lots of eager but unqualified job seekers are interested in a position.

Yahoo calls it the “first performance-based online recruitment product.” That’s somewhat of a misnomer, however, since various employment search engines, such as Indeed.com, charge job advertisers only when someone clicks on their ads. Those sites have reportedly been gaining ground as employers have become more careful with their spending.

At the same time, traditional job sites have seen their revenue drop in the midst of the recession. Digital media consultancy Advanced Interactive Media Group reported in March that online recruitment-ad sales fell five percent in 2008. And the falls only seem to have accelerated since then. Careerbuilder, for instance, reported that its first quarter revenue dropped 27 percent. Yahoo does not break out HotJobs’ financial performance, although it is reportedly trying to sell the site as part of its effort to streamline its portfolio of properties. Release.

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