How can Digital Credentials help Business Save Money?
Digital credentials are gaining popularity and are on their way to becoming a standard currency for businesses and employees to demonstrate their competency in a qualification, skill, interest, or accomplishment.
One of the most important benefits of Digital Credentials is their low cost. Here are a few reasons why Digital Credentials are thriving for businesses looking to save money:
People who have earned a digital credential usually display it on their social media handles on Facebook, Twitter, or Instagram, as well as on professional social networking sites like LinkedIn. When people display these digital credentials on digital platforms, they are consciously or unconsciously bringing the brand to the attention of others, resulting in brand marketing. For example, if you post a digital certificate from XYZ company on LinkedIn, people who interact with the post are curious about the issuer, XYZ company, and the certification creating a demand. This helps businesses save a significant cost at marketing and creating brand awareness.
It is the responsibility of hiring managers and recruiters to employ a verified candidate for the specified role who will demonstrate the competency of the skills in action. Hiring a new employee may be costly in terms of the hiring process, training, and infrastructure. Because digital credentials are virtual evidence of a candidate’s proficiency, recruiters can easily verify the criteria of the credential through meta-data, saving both time and money for the business.
Increase in the Revenue:
When people or employees are recognised for their participation and progress with a Digital Credential, it encourages productivity and allows them to perform better and fasten the progress of the business activities. This indirectly results in the increase of the revenue of the business.
When employees are dissatisfied with their workplace, they frequently seek employment elsewhere, incurring the cost of turnover for the company. Because turnover costs include the costs of time, money, and infrastructure spending on the employee, their departure can reduce productivity and progress of business activities, proving costly for the company. When employees are recognised for their participation, progress, performance, loyalty, skills, and talents through the use of Digital Credentials, it leads to increased job satisfaction and lowers turnover costs.
To summarise, digital credentials are the most efficient way to reduce business costs while increasing job satisfaction and revenue. Digital credentials can also help businesses save money on marketing and turnover.