Overview

Employee retention is a critical concern for organizations as it directly impacts productivity, knowledge retention, and overall business success. This case study on a Carlisle-based 54 years old Fortune 500 company explores the implementation of digital credentials as a strategy to improve employee retention.

In the past 10 years, the company heavily suffered from high attrition rates and employee turnover. Hiring new employees when a critical project is ongoing, training them, and upgrading their skills became a lengthy, loss making and costly process that cost the company multiple projects. Identifying the best available resources for each project via verifiable badges has become seamless.

The Organization

The Fortune 500 technology firm handles large-scale private and government projects on IT consulting, IT solutions, and cybersecurity. The organization hires experts from all over the globe and top technical and B-schools. From offering all kinds of employee benefits to investing in employee L & D programs, the company can be one of the best establishments one can work for. But that’s not enough! Even after offering such benefits, the organization was experiencing challenges in retaining talented employees. High turnover rates led to increased recruitment costs, knowledge loss, and disrupted team dynamics. To address this issue, the company decided to implement a digital credentialing system in partnership with CertifyMe to recognize and reward employees' skills and accomplishments.

Implementation Process

The Fortune 500 company followed a systematic approach to implement digital credentials:

Identification of Skills and Competencies

The first step involved identifying key skills and competencies relevant to different job roles within the organization. This ensured that digital credentials were aligned with the company's strategic objectives.

Designing the Digital Credential Framework

The organization developed a comprehensive framework outlining the criteria for earning digital credentials. The framework included specific requirements, assessment methods, and levels of proficiency associated with each credential.

Collaborating with Subject Matter Experts

The company collaborated with subject matter experts within the organization to validate the digital credential framework. This ensured that the credentials accurately reflected the skills and competencies valued by the company.

Implementing a Digital Credentialing Platform

The company adopted the digital credentialing platform of CertifyMe which allowed employees to earn, display, and share their credentials. The tool offered secure verification mechanisms to maintain the integrity and authenticity of the credentials.

Promoting Credentialing Opportunities

The company actively promoted the benefits of digital credentials to its employees. They conducted awareness campaigns, training sessions, and workshops to educate employees about the value of earning and showcasing credentials.

Recognition and Rewards

The company integrated the digital credentialing system into its employee recognition and rewards program. Employees who earned specific credentials were eligible for bonuses, promotions, or special assignments, creating a culture of continuous learning and professional growth.

Results and Benefits

The implementation of digital credentials yielded several positive outcomes for the Fortune 500 Company:

Increased Employee Engagement

Employees became more engaged as they had clear pathways for skill development and recognized accomplishments. The digital credentials provided a sense of achievement and motivation for continuous learning. It also motivates employees to participate in internal training sessions. Since the inception of the credentialing system in July 2022, 66% of employees have attended training courses. It’s a whopping 23% increase from the previous rate of attendance in training modules.

Improved Retention Rates

The digital credentialing system positively impacted employee retention rates. Employees were more likely to stay with the organization as they saw opportunities for career advancement and felt valued for their skills and contributions. The credentials issued through CertifyMe enabled employees to find a purpose behind staying in the organization. The company report stated that in the past year, the employee retention rate has increased up to 30%.

Enhanced Talent Development

The digital credentialing framework helped identify skill gaps and development needs within the organization. The organization used this information to design targeted training programs, resulting in a more skilled and competent workforce. It has also decreased the length of the project cycle by up to 9%.

External Reputation and Recruitment

The company leveraged its digital credentialing program as a competitive advantage in attracting top talent. The company's reputation as an organization that values and supports employee growth and development improved, attracting candidates seeking professional advancement opportunities.

Conclusion

The case study demonstrates how the implementation of digital credentials can significantly enhance employee retention. By recognizing and rewarding skills and achievements, companies can foster a culture of continuous learning, engagement, and growth. Digital credentials provide employees with tangible proof of their capabilities, increase job satisfaction, and contribute to organizational success.

CertifyMe assists the Fortune 500 company scale its programs and adopt a smart, automatic credentialing solution that doesn’t make a dent in its budget. The new certification process eliminates the cumbersome human involvement in the issuing state and streamlines the employee engagement program.