{"id":26744,"date":"2021-11-04T12:00:06","date_gmt":"2021-11-04T12:00:06","guid":{"rendered":"https:\/\/www.hult.edu\/blog\/?p=26744"},"modified":"2026-05-05T13:11:12","modified_gmt":"2026-05-05T12:11:12","slug":"customized-skills-credentials-a-new-tool-for-attracting-retaining-and-motivating-employees","status":"publish","type":"post","link":"https:\/\/www.hult.edu\/blog\/customized-skills-credentials-a-new-tool-for-attracting-retaining-and-motivating-employees\/","title":{"rendered":"Customized Skills Credentials: A New Tool for Attracting, Retaining, and Motivating Employees"},"content":{"rendered":"<p>My conversations with talent and learning leaders are showing a pattern of focusing on three disruptive forces: the skills transformation needed in their workforce; the changing nature of work and workforce structure; and the Great Resignation.<\/p>\n<p>Due to structural changes in the economy, the types of skills like business, technical, data, and soft skills have been rapidly evolving (see \u201cThe New Foundational Skills of the Digital Economy\u201d graphic).\u00a0 The scarcity of several skillsets (e.g. data analytics, coding, sales, etc) is becoming a limiting factor in organizational speed.\u00a0 Simultaneously, generational and structural change in the economy, exacerbated by the pandemic, is making it harder for firms to attract, retain, and engage talent\u2014at a time when talent is more critical to enterprise value than ever before.\u00a0 Some of the same forces are accelerating the growth of the gig economy and forcing firms to rethink their employee value proposition.<\/p>\n<p><a href=\"https:\/\/www.burning-glass.com\/research-project\/new-foundational-skills\/\" target=\"_blank\" rel=\"noopener\"><img class=\"alignnone size-medium wp-image-26749\" src=\"https:\/\/www.hult.edu\/blog\/media\/uploads\/2021\/11\/foundational-skills-of-digital-economy-439x345.png\" alt=\"\" width=\"439\" height=\"345\" srcset=\"https:\/\/www.hult.edu\/blog\/media\/uploads\/2021\/11\/foundational-skills-of-digital-economy-439x345.png 439w, https:\/\/www.hult.edu\/blog\/media\/uploads\/2021\/11\/foundational-skills-of-digital-economy-500x393.png 500w, https:\/\/www.hult.edu\/blog\/media\/uploads\/2021\/11\/foundational-skills-of-digital-economy.png 600w\" sizes=\"(max-width: 439px) 100vw, 439px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3>What motivates and retains employees?<\/h3>\n<p>Clear organizational purpose, a visible commitment to employee professional growth, and a vibrant community of peers are emerging as the critical factors in gaining employee loyalty in an era of rapidly increasing employee turnover.\u00a0 On the flip side, the cost of turnover is conservatively estimated at 1.5-2X employee salaries (see <a href=\"https:\/\/www.linkedin.com\/pulse\/20130816200159-131079-employee-retention-now-a-big-issue-why-the-tide-has-turned\/?src=aff-lilpar&amp;veh=aff_src.aff-lilpar_c.partners_pkw.10078_plc.Skimbit%20Ltd._pcrid.449670_learning&amp;trk=aff_src.aff-lilpar_c.partners_pkw.10078_plc.Skimbit%20Ltd._pcrid.449670_learning&amp;clickid=0r9R6UzRBxyIW31w400hwyRuUkBSFV2nk0R-SU0&amp;mcid=6851962469594763264&amp;irgwc=1\" target=\"_blank\" rel=\"noopener\">Bersin for conservative estimate<\/a> and <a href=\"https:\/\/www.huffpost.com\/entry\/how-much-does-employee-turnover-really-cost_b_587fbaf9e4b0474ad4874fb7\" target=\"_blank\" rel=\"noopener\">HuffPost for more aggressive estimates<\/a>) and can have a material impact on company outcomes.\u00a0 As a result, employers are investing directly in their human capital\u2014more so than the investments in ping pong tables, on-site laundry services, and other perks popularized by Silicon Valley in the past two decades.\u00a0 There are many implications for talent strategies to be explored, but I\u2019ll focus today on one new learning tool that is gaining momentum: customized skills credentials.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Customized skills credentials <\/strong><\/h3>\n<p>This refers to investing in skill building\u2014providing valuable credentials to the employee in the marketplace and encouraging engagement\/retention as employees complete the credential. Customized degrees and certificates have existed previously, but were reserved for a small number of employees in the organization. Making customized educational qualifications available to the wider organization improves motivation and retention.\u00a0 Talent teams will need to partner with an ecosystem of providers to successfully deliver customized skills credentials to their workforce.<\/p>\n<p>&nbsp;<\/p>\n<p><img class=\"alignnone wp-image-26774 size-medium\" src=\"https:\/\/www.hult.edu\/blog\/media\/uploads\/2021\/11\/ey-tech-mba-by-hult-Blog-article-720x270.jpeg\" alt=\"ey-tech-mba-by-hult\" width=\"720\" height=\"270\" srcset=\"https:\/\/www.hult.edu\/blog\/media\/uploads\/2021\/11\/ey-tech-mba-by-hult-Blog-article-720x270.jpeg 720w, https:\/\/www.hult.edu\/blog\/media\/uploads\/2021\/11\/ey-tech-mba-by-hult-Blog-article-500x188.jpeg 500w, https:\/\/www.hult.edu\/blog\/media\/uploads\/2021\/11\/ey-tech-mba-by-hult-Blog-article-768x288.jpeg 768w, https:\/\/www.hult.edu\/blog\/media\/uploads\/2021\/11\/ey-tech-mba-by-hult-Blog-article.jpeg 800w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>One example is the EY Master\u2019s in Business Analytics (MBAN) by Hult degree. This custom master\u2019s degree created for EY upskills employees in areas like analytics, artificial intelligence, and innovation.\u00a0 EY Subject Matter Resources (SMR\u2019s) highlighted specific topic areas where the workforce needed upskilling, and partnered with Hult faculty to design a relevant, skill-focused, dynamic curriculum.<\/p>\n<p>&nbsp;<\/p>\n<p>Since all learners are full-time EY employees, the design also included workplace projects for all courses, learner feedback from managers, EY experts, and Hult faculty, and collaborative problem-solving focused on (company customized) grand challenges at the current frontier of the <a href=\"https:\/\/www.hult.edu\/masters\/business-analytics\/\">business analytics<\/a> and technology domain.\u00a0Learners will continuously apply skills just-in-time on their client and internal projects, and can complete their degree via a mix of recorded and live online classes, which enables them with geographic flexibility. Upon graduation, the students join the 20,000 strong community of Hult alumni.<\/p>\n<p>&nbsp;<\/p>\n<h3>What was the feedback from the first Tech MBA cohort?<\/h3>\n<p>Combining academic learning with practical experience is particularly desired by today\u2019s professionals.\u00a0 The first cohort had amazing feedback, and interest in our programs has grown exponentially.\u00a0 The Tech MBA students were an impressive and diverse set of professionals from across the globe that showed significant gain in targeted skills. All teams had their capstone projects funded by internal sponsors for adoption in the enterprise\u2014a testament to the quality and impact of their work! Check out this video to see what our first cohort thought about our program:<\/p>\n<p><a href=\"https:\/\/www.facebook.com\/watch\/?v=437873824129630\" target=\"_blank\" rel=\"noopener\">https:\/\/www.facebook.com\/watch\/?v=437873824129630<\/a><\/p>\n<p>&nbsp;<\/p>\n<h3>Future collaborations<\/h3>\n<p>In 2022, Hult and EY will jointly conduct formal research to quantify the ROI of the custom credentials. An employer can actually measure performance improvements over time based on interventions like custom credential, rather than the coarser measures of academic achievement and graduation salaries that we typically use for degree programs. We are excited to design this first-in-kind research and look forward to sharing further learnings in the months ahead.<\/p>\n<p>&nbsp;<\/p>\n<p>Disruptive innovations are dramatically changing the structure of organizations and competition. Lifelong learning is now an imperative for all professionals, so better collaboration between business and education to allow employees time and resources to invest in skill-building is another area needing innovative collaborations.\u00a0 Hult\u2019s mission of \u201cbusiness relevance\u201d and broad portfolio of learning modalities (asynchronous, live online, and global campus network), ability to customize skills programs and degree credentials to individual employers, and provide scaled support for large organizations are all critical elements in working closely with business on upskilling and re-skilling efforts in the years ahead.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>My conversations with talent and learning leaders are showing a pattern of focusing on three disruptive forces: the skills transformation needed in their workforce; the changing nature of work and&#8230;<\/p>\n","protected":false},"author":149,"featured_media":26773,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[30,114],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Customized Skills Credentials: A New Tool for Attracting, Retaining, and Motivating Employees | Hult International Business School<\/title>\n<meta name=\"description\" content=\"Chief of Innovation Mukul Kumar explains the customized skill credentials tool integral to the pioneering collaboration between Hult and EY.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Customized Skills Credentials: A New Tool for Attracting, 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