I.C.E. Exchange Preview: 4 Ways to Grow Your Credentialing Programs

By The I.C.E. Editor

The COVID-19 pandemic has caused monumental shifts to the workforce and education, and professional learners are turning to credentials to upskill, pursue new employment opportunities and be promoted. At the I.C.E. Exchange (Oct. 17-20), Ashish Rangnekar (BenchPrep) will be presenting “4 Ways to Grow Your Credentialing Programs,” in which he’ll share insights into current workforce trends and how learning and training can grow one’s program.

I.C.E. recently spoke with Rangnekar about his background in working with credentialing bodies, the state of the industry and highlights he hopes attendees will take away from his session.

What is your background with the topic you are presenting on and why does it interest you?

I have spent the last decade enabling credentialing bodies to drive candidate success and revenue. I am the co-founder and CEO of BenchPrep, an enterprise learning platform that enables credentialing bodies to build, grow and transform their digital learning programs. My team and I have helped drive hundreds of millions of dollars in incremental revenue for the world's leading credentialing bodies and helped more than 8 million candidates succeed.

Why is now the time for organizations to look at growing their credentialing programs? What key factors are you seeing/hearing drive growth conversations?

We are at the inflection point in the credentialing market. Credentialing bodies are staring at a once-in-a-lifetime opportunity.

The modern labor market’s heightened emphasis on high-stakes skills has created a growing need for certifications, and this skills-based economy is driving lifelong upskilling and reskilling.

Fifty-six percent of business leaders say their organizations are experiencing a moderate to severe skills gap and 57% of employees say they are extremely interested in participating in an upskilling program. In this skills-based economy, certifications have become the currency in the labor market.

Sixty-six percent of U.S. adults considering an education enrollment in 2020 looked at alternative credentials or non-degree programs compared to 50% in 2019. Additionally, 56% of credentialing bodies have seen increased demand for their certifications in the last 12 months.

Today, there are certifications in every industry, for every job and every product; 68% of credentialing bodies plan to offer new certifications in the next three to five years to meet the demand. Credentialing bodies that embrace this moment and growth mindset will grow exponentially and ones that don't will become obsolete.

What highlights do you hope attendees will take away from your session?

I am hoping attendees will take away three important takeaways:

1. Appreciate the macro tailwinds in the credentialing market. It is critical to understand the macro environment that is creating opportunities. Lack of action in such an environment will create challenges for credentialing bodies.
2. There are proven strategies to capture growth in this market environment. Other credentialing bodies have shown how specific strategies lead to candidate success and program growth. We can learn from others.
3. Specifically, credentialing bodies must expand their mandate and look at the entire candidate journey, not just the exam. Serving the customer (candidate) before and after the exam is becoming mission critical.