A quick and dirty method for displaying a hierarchical list of taxonomy terms for a custom taxonomy called 'location'. This could/should be built out more to be more dynamic and future-friendly.

taxonomy-display-shortcode.php

<?php
// Display taxonomy terms ordered from child to parent
function csi_ordered_tax( $terms ) {
  // if terms is not array or its empty don't proceed
	if ( ! is_array( $terms ) || empty( $terms ) ) {
	    return false;
	}

	foreach ( $terms as $term ) {
	    // if the term have a parent, set the child term as attribute in parent term
	    if ( $term->parent != 0 )  {
	        $terms[$term->parent]->child = $term;   
	    } else {
	        // record the parent term
	        $parent = $term;
	    }
	}
	$rooturl = get_bloginfo( 'url' );
	
	$child_link = '<a href="' . $rooturl . '/open-jobs?location=' . $parent->child->name . '">' . $parent->child->name . '</a>';
	$parent_link = '<a href="' . $rooturl . '/open-jobs?location=' . $parent->name . '">' . $parent->name . '</a>';

	return "{$child_link}, $parent_link";
}
// [csilocations taxonomy="location"]
function csi_get_ordered_tax( $atts ) {
	extract( shortcode_atts( array(
		'taxonomy' => 'location',
	), $atts ) );
	
	global $post;
	$tax_list = csi_ordered_tax( get_the_terms( $post->ID, $taxonomy ) );

	return $tax_list;
}
add_shortcode( 'csilocations', 'csi_get_ordered_tax' );