The rapid pace of technological advancements, such as artificial intelligence and big data, has led to disruptive changes across many industries worldwide. Nowhere is this revolution more evident than in highly regulated and training-intensive sectors. According to World Economic Forum forecasts, over 55% of workers in industries such as aviation, financial services, and healthcare will require reskilling, translating into an unprecedented demand for industry-specific training.
These highly regulated industries face several unique challenges. Staying ahead of technological and regulatory changes while providing ongoing staff training is no easy feat. And however good training programs are, the break-neck speed of technological development means that traditional paper or PDF certificates may fall well short of meeting their certification needs.
But amidst these challenges lies a golden opportunity for training providers who grasp the sector's challenges and position themselves as indispensable partners, driving their own business growth. In this blog post, we explore the three primary limitations and distinct challenges that training providers encounter when providing programs to individuals who work in training-intensive industries. We will also delve into how digital credentials are more effective in meeting the specific requirements of learners and generating long-term value in contrast to traditional certification.
Three tough challenges faced by highly regulated industries
The following are key challenges training providers need to be aware of when designing programs for learners in training-intensive industries.
Why Paper Certificates Fall Short
In the ever-evolving landscape of highly regulated industries, traditional paper certificates and PDF credentials fall short of meeting the dynamic needs of professionals and organizations.
Firstly, training-intensive industries require employees to stay updated with the latest regulations, technologies, and best practices. Traditional credentials, such as paper certificates or PDFs, lack the timeliness needed to reflect these rapid changes. By the time a traditional credential is printed or issued, it may already be outdated, making it ineffective in demonstrating current knowledge and skills.
In addition, traditional certificates also lack the ability to showcase skill mastery. In training-intensive industries, employers and clients often seek individuals who have the most up-to-date specific skills or competencies. Traditional credentials often do not provide a comprehensive view of an individual's skill level or practical application of knowledge. They typically focus on the completion of a course or program without detailing the specific skills acquired or the level of proficiency attained.
The Importance of Digital Credentials and Their Role
Digital credentials, the online replacement for paper-based certificates, provide verified proof of a learner's competency and skills. Unlike traditional certificates, digital credentials are data-rich, easy to create, issue, and share. By embracing digital credentials, providers can unlock growth opportunities by addressing industry-specific challenges and delivering innovative, learner-centric training solutions. Here’s how:
Easier compliance tracking
In highly regulated industries where staying updated is crucial, digital credentials offer real-time verification of knowledge and skills. By leveraging digital platforms, these credentials can be instantly issued and updated to reflect the latest regulations, technologies, and best practices. This timeliness ensures that professionals are up-to-date and compliant.
Digital credentials issued on Acclaim can be programmed with expiration dates, ensuring that learners are reminded to retrain or undergo updated training to stay compliant. Digital credentials are also highly portable, where professionals can securely store their credentials in a mobile wallet, enabling easy skills verification specific to the products and services they provide on the job and during interviews. This flexibility ensures that compliance standards are upheld regardless of the work setting.
A comprehensive view of skill mastery
Digital credentials provide a focused and comprehensive view of skill mastery. Unlike traditional certificates, digital credentials with rich metadata provide valuable insights into the individual certification – when it was issued, and the skills and competencies demonstrated to earn it. This comprehensive view enables employers and clients in training-intensive industries to precisely assess the skill sets and capabilities of professionals, ensuring they have the most up-to-date and relevant skills required for the job.
Driving growth and advancement
Digital credentials can be used to incentivize and motivate individuals to engage in continuous learning and professional development. By earning new credentials, individuals can demonstrate their commitment to ongoing growth and advancement. They can earn credentials for completing specific training modules or mastering specific competencies, depending on market needs and demands.
Digital credentials enable you to offer a credible, personalized, and compliance-focused training solution to highly regulated industries that require constant training. Differentiate yourself from your competition, gain the trust of your existing and potential customers while meeting their training needs, and expand your market presence.
If you’re ready to learn how you can leverage digital credentials to grow your training business, download our latest whitepaper below. Discover how to address the inherent challenges of highly regulated industries and meet their ever-increasing demand for training.