Microcredentials are rapidly reshaping the education landscape, offering learners a fast and effective way to gain job-specific skills. In 2019, the microcredentialing industry was valued at $9.9 billion and is projected to grow to $20 billion by 2025. More than a million microcredentials are available in the United States alone, reflecting strong demand from both learners and employers.
For credentialing bodies and professional associations, microcredentials offer a strategic opportunity to expand their offerings, engage new learners, and increase long-term value. But how do you develop a microcredential program that drives transformational growth? In this blog, you’ll uncover three key strategies to consider when developing impactful microcredential programs.
Why Microcredentials Matter
Microcredentials are short, skill-focused certifications that provide learners with the opportunity to gain and showcase specific competencies to employers. Microcredentials emphasize targeted, actionable skills rather than broad academic achievements, making them a valuable asset in today’s competitive job market. Employers also recognize their value: 72% of employers are more likely to employ a candidate with a microcredential, while 90% of students and recent graduates agree that microcredentials make them stand out to potential employers.
Strategy 1: Top-of-the-Funnel
Top-of-the-funnel microcredentials are designed to bring fresh learners into your ecosystem. These low-cost, low-commitment options appeal to career explorers and newcomers by offering a marketable skill without requiring a substantial time or financial investment.
One example is the CFA Institute’s Investment Foundations Certificate. This microcredential is designed to give learners a foundational understanding of the finance industry without the need for a full Chartered Financial Analyst (CFA) designation. It offers an accessible entry point for those looking to explore finance as a career path.
Strategy 2: Diversification
Diversification strategies target learners who have already engaged with your organization. By offering new microcredentials, you can retain and monetize these learners, keeping them engaged with low-cost, low-commitment certifications.
Take the CFA Institute’s Certificate in ESG (Environmental, Social, and Governance) Investing as an example. This program offers existing members an opportunity to deepen their expertise in specific areas without having to go through an entirely new certification process. The microcredentials are low-commitment and highly marketable, providing professionals with the skills they need to stay relevant.
Strategy 3: Stackable Credentials
Diversification strategies target learners who have already engaged with your organization. By offering new microcredentials, you can retain and monetize these learners, keeping them engaged with low-cost, low-commitment certifications.
Stackable microcredentials help convert new learners into lifelong customers by providing a clear pathway for ongoing professional development. This strategy is particularly useful for learners who want to advance their education but may not have the time or resources to commit to a full certification program right away.
For example, the American Medical Technologists and ISACA’s IT Certified Associate (ITCA) programs allow learners to start with smaller, focused credentials and eventually work their way up to a full certification. This approach not only helps learners advance at their own pace but also increases their professional opportunities by offering multiple entry and exit points along their learning journey.
Building a High-Impact Microcredential Program
To create a successful microcredential program, organizations need a clear path forward. Focus on three key components:
- The WHY: Define the goal of your microcredential program (e.g., attract new learners, engage existing ones, etc.).
- The WHAT: Design the program, set pricing, and outline a go-to-market strategy.
- The HOW: Determine the necessary resources, budget, timeline, and potential industry partnerships.
Conclusion
Microcredentials offer an adaptable, efficient path to lifelong learning. By adopting these strategies—attracting new learners, diversifying offerings, and building stackable credentials—your organization can create a sustainable program that drives both learner success and organizational growth.
Ready to unlock the potential of microcredentials? BenchPrep can help. Request a demo today.
