With employees looking for more than just a paycheck — 55% consider growth and development opportunities more important than salary — investing in training is a requirement for any organization hoping to be competitive. Ignoring the desire for learning and development (L&D) opportunities leads to higher turnover and reduced productivity, with two out of every five employees willing to leave within a year if they don’t get training.
A strategic and effective L&D strategy is also a competitive must-have as technological advances, demographic trends and marketplace shifts push businesses to adapt. And as businesses change, so must the skills of their workforces.
Organizations are turning to digital credentials, or digital badges, to boost training effectiveness while also providing added savings from increased employee engagement, reduced turnover, higher productivity and other improvements.
For employees, digital badges provide increased skill visibility, motivation for continuous learning and the ability to personalize their learning paths. For employers, they’re a variable way to recognize and reward employees for their learning achievements. They also provide data that can help organizations improve training outcomes and target their L&D investments for maximum return on investment. Metadata embedded in digital badges, for example, shows what specific skills the credential involves, how they were learned and verified, and other details that provide granular data about workforce capabilities.
These and other benefits also translate into bottom-line cost savings. Here are seven ways digital badges in L&D can help organizations save money.