Hindered by the uncertainty in the post-Covid world and increased turnover due to the Great Resignation, today’s employers are having difficulty holding onto their top employees. High turnover is killing momentum and hindering growth at a time when agility and the capability to act fast to take advantage of market opportunities is critical to success.
In order to compete, today’s organizations need to boost employee loyalty and retention by offering employees the opportunity to upskill, train, and increase their marketability within the organization. This enablement to continuously improve gives them a sense of personal growth and allows them to feel like they are valued and part of the organization’s future.
A survey by Qualtrics and Accel Partners shows that 80% of millennials prioritize growth and development when it comes to their job, and 69% aspire to be leaders in the next five years. In fact, two-thirds said that they would be willing to take a pay cut to work for a company that offers opportunities for skills development and mentorship. Those that feel that there are not enough opportunities are more likely to leave for greener pastures.
Digital Credentials Lead to Recognition
The impacts of the global pandemic and the resulting Great Resignation are changing the workforce by the minute, yanking the rug of stability out from under employees nationwide. One way to create that stability for your employees again is to invest in them, their skills, their career paths, and their futures. It shows you're committed and loyal to them, that you can see a future at your company with them in it, and you want to help them develop the skills, knowledge, and training to not just survive in their current job, but grow and learn when the time comes to move up the ladder.
Digital credentials are a powerful employee loyalty and retention tool. More than just a line on a resume, digital credentials provide a verified way to prove proficiency. And, when shared within the organization’s internal networks or HR system, they bring validation and visibility to an employee for their accomplishments, skills, and capabilities.
Showing your loyalty and desire to retain them will, in turn, bring that loyalty back to you. Here are three ways that a digital credentialing program can increase loyalty and retention for your organization and enable organizational growth in a post-COVID world:
1. Verify proficiency:
Most credentialing programs rely on self reporting by employees–making it hard to really verify proficiency in a skill. Digital credentials put verified data behind employee recognition, allowing you to know exactly where you have proficiency in the organization and, just as important, at what level of proficiency.
2. Save costs:
Recruiting, hiring, on-boarding, and training a new employee is extremely expensive. According to Gallup, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary. Contrast that with the relatively low cost of training, employee recognition, and other retention programs, and it’s a relative bargain to simply give employees the job satisfaction they crave. Those savings can be invested right back into the organization.
3. Enable business agility:
It's essential to move at the speed of business. Retaining skills in-house allows you to move quickly and pivot when opportunities arise. Instead of waiting weeks or months to acquire talent from outside the organization, simply cherry pick the best team from in-house talent and speed time to market. Digital credentials provide instant visibility into available skills that can be allocated as needed.
At Credly, we're committed to helping companies increase the skills, training, and knowledge of their employees through digital credentials. We're the network of choice for 2,000+ certification, assessment, and training providers to issue their credentials. Contact us to learn more about how to increase your employee retention and loyalty through digital credentials.