The global workforce is on a transformative journey towards a skills-based economy, representing a monumental shift in how we navigate pathways from learning to work. As traditional employment models and hierarchical structures become less relevant, the focus is shifting towards individual skills, continuous learning, adaptability, and technological proficiency.
Digital, verifiable credentials are emerging as the key in this workforce megatrend, validating individual skills and serving as a machine-readable, portable currency in the talent marketplace. As the workforce evolves, these credentials will be pivotal in powering a dynamic, skills-based economy.
What are digital credentials?
Digital credentials are tamperproof, virtual assets containing structured, machine-readable metadata to validate a person’s educational qualifications and proficiencies. If built to global W3C and Open Badges 3.0 standards, they are fully interoperable, meaning they can seamlessly integrate into any operating LMS or SMS system, Apple & Google wallets, and be uploaded to digital recruitment environments.
Learning Vault’s co-founder and CEO, Nicholas Robert Alderdice, explains the evolution from paper certificates to digital credentials, citing the practical limitations, environmental impact, and security issues of former methods.
“Historically, certification has been achieved through the issuance of paper certificates and plastic licence cards, which have proven to be cost prohibitive, environmentally unfriendly, insecure, unverifiable, and not fit for purpose in a digital and skills-based global economy,” says Alderdice.
“We are big advocates for a more learner/worker-centred approach, empowering them with full agency and control over their skills data. Educating our future workforce with the skills to meet the demands of the job market is one thing. But we need to provide those learners with a more dynamic and secure method of skills verification to use and trade those skills in the job market,” continues Alderdice.
The importance of digital credentials
Digital credentials increase a recipient’s employability by offering them secure, yet mobile means of certification. They can not only plan and track their lifelong learning journey but gather credentials as collections to share with employers who can instantly verify those collections. A collection can be made up of a variety of skills and qualifications, or even ID credentials, reference, and background check credentials.
Traditional hiring practices often exclude qualified candidates who do not meet current criteria models, underscoring the need for a more accurate and inclusive approach. Digital credentials provide the solution, allowing individuals to control their skills data and provide detailed machine-readable information to match their qualifications to job criteria.
This shift is critical in a job market increasingly adopting skills-based hiring processes. However, employers are also seeking a more secure way to find talent that meets their job requirements. Credential fraud is still a growing issue. Verifiable credentials provide a trusted source of truth.
With digital credentials as the core interoperable technology solution, the new skills-based economy will unlock a new era of seamless learning and employment, ensuring a thriving and adaptable workforce ready to meet the challenges and opportunities of the future.
About Learning Vault
Learning Vault is leading the global standards for credentialing compliance and is the only complete end-to-end credentialing solution in Australia and the UK. Through industry-leading digital credentials and talent pool technology, Learning Vault has created a tech-powered skills ecosystem connecting education to employment. We make knowledge more accessible, portable, and applicable across education and employment throughout a lifelong learner’s journey.
www.learningvault.com
This is a guest article by Learning Vault. Learn more about the aXcelerate x Learning Vault integration here.
Hear from the Learning Vault and aXcelerate teams at aXcelerate Day 2024
Want to hear more from Learning Vault about empowering the future workforce in the talent marketplace through digital credentials and mobile wallet cards? Secure your tickets for aXcelerate Day on 30 October at the Brisbane Convention & Exhibition Centre here: www.axcelerate.com.au/axcelerate-day-2024
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