Micro-Credentials - A Revenue Stream For Universities
Micro-Credentials - A Revenue Stream For Universities
Companies in different industries are constantly embracing new technologies and applications to streamline their processes. Unfortunately, even the most experienced workforces may find that some technologies are beyond their scope of knowledge.
Upskilling and reskilling are excellent ways for employees to match up with the new roles and remain competitive. But it doesn't make sense to invest big to enroll employees in the classical multi-year training programs to acquire skills that could quickly become obsolete in dynamic and fast-paced industries.
The solution to filling immediate skill gaps lies in micro-credentials. Surprisingly, some higher education institutions are not offering scalable training programs like micro-credentials to help graduates keep pace with the changing market demands.
Micro-credentials deliver win-win benefits to employees, employers, and universities offering the programs.
Benefits of Micro-Credentials for Universities
- Create a new revenue stream
Offering micro-credential programs will open up new revenue opportunities for higher education institutions. Colleges and universities can partner with organizations to create more personalized courses that candidates need to respond to the changes in their unique industries in real-time.
Employers and employees find micro-credentials highly convenient because learners can complete the courses within a few days, weeks, or months, unlike degrees that require years of commitment. While micro-credentials may not generate as much revenue as traditional degrees, their cost-effectiveness nature attracts many candidates.
Organizations are skeptical about making significant investments in employee training and development programs. Although it is a practical approach to attracting and retaining top talent, there's the risk that employees might jump ship after costing a company thousands of dollars in upskilling and reskilling. Fortunately, micro-credential poses less risk than multi-year degree programs. It is a risk many organizations are willing to assume.
- Improve workforce readiness
A four-year postgraduate course may no longer be enough to secure a job in an ever-evolving industry. Universities that care about workforce readiness are tapping into micro-credentials to maintain high graduate employability rates.
Providing students with the in-demand skills now and for the future is crucial to ensure they are sufficiently prepared to meet the challenges and opportunities they will face in their workplaces.
The higher the number of market-ready graduates a college or university releases to the job market, the higher the student acquisition and retention level. That would mean more revenue and maintaining a stellar reputation.
- Promote the culture of ongoing learning
Industry-aligned courses encourage self-motivated candidates to advance their careers to secure promotions or new roles within organizations. Getting bite-sized qualifications and certifications in stages is a less intimidating way to learn new necessary skills. When designed properly, they can promote a culture of lifelong learning.
Integrating smart technologies into business operations is inevitable for companies that want to stay relevant. Employers and learners are increasingly investing in micro-credentials to meet the changing market needs. Higher education institutions can take advantage of this to diversify their revenue streams.
At Focus EduSolutions, we partner with colleges and universities to create innovative, industry-aligned courses that revolutionize workforce readiness. For more details, contact us at (781) 376-6922.
