Data shows that it is significantly less costly to upskill and train your existing workforce, with the goal to retain and fill unoccupied jobs, versus hiring outside of your organization. Hiring new employees is expensive. On average, companies spend between six to nine months of an employee's salary to successfully recruit and onboard a new member.
What if there was an easier way to surface and retain incumbent talent, and maximize your company’s dedication and commitment to its best employees?
By offering digital credentials, companies promote a benefit that goes beyond the standard pay package and medical insurance, while actively encouraging growth and learning while on the job. Skills that are vetted and verified through digital credentials offer individuals the opportunity to own proof of their learning, and to share that proof with their current, or future employers.
Organizations become more competitive, and in turn, more enticing to work for. Digital credentials encourage employees to develop their skills while on the job, and employers are able to surface data that improve resource deployment and advancement decisions.
When employees are recognized, engagement, productivity, and retention go up. Implementing recognition technology boosted employee engagement by 48%, productivity by 34%, and employee retention by 26%, according to a report by O.C. Tanner Institute. And, when the skills gap closes and the best employees stay (or are promoted within their current organization), the impact on the bottom line increases, as it’s significantly less expensive to train existing employees than to find new ones.