We are pleased to report the Summit on the Credentialing Economy, which took place on June 7-8 in Washington, DC was a resounding success!! We are grateful to our co-hosts Saylor Academy and the staff of FHI 360 for a smooth two days of precise logistics, delicious food and technology support. And of course to our fantastic lineup of keynote speakers, panelists, sponsors and attendees for making it an informative, creative, energetic event.
The name of the event, Summit on the Credentialing Economy, reflects our intent to focus discussions on the ecosystem of learning, work, and labor market transactions as the capstone event of the Connecting Credentials Campaign.To that end, keynotes, panels and workshops uncovered critical insights in the three tracks below:
Trust and Verify: Aligning Supply and Demand
This area examined the transactions between production and consumption of talent. The stakes for employers have never been higher. Speakers tackled labor market signaling, tools being used and created, evolving HR practices, and assessments that can verify and demonstrate trust for competencies and credentials for all market participants.
The most valuable companies in the world create value. In the digital economy, firms that want to remain competitive must start supporting lifelong learning for current and future employees and clearly communicate, identify and hire based on the competencies they need.
Trend is decentralization of all products and services.
Every person and organization needs a digital strategy.
Skills of the future include programming/coding, computer science, data science, statistics, communication, creativity.
We are on the cusp of true liquidity in human talent, which would result in a networked effect made possible by emerging technology.
Credentials as Currency: The New Language in the Labor Market
Competencies and credentials are the unit of exchange. The market is slowly moving toward smaller units – like competencies as the currency in the digital economy. Credentials are valuable, but can be a black box. How do we leverage emerging technologies to empower learner agency, promote lifelong learning, increase transparency and connect to jobs?
We must address structural issues if the digital economy is to be more equitable. Soon, the market will force this change to take place. Funding streams, public programs, specific policies, and discrimination in hiring practices all present barriers.
Systemic barriers in race, class, structures must be addressed to increase equity in the credentialing economy.
Public and private entities must re-examine business models and we must give them a reason to do so.
Atlantic Article,
The 9.9 Percent Is the New American Aristocracy: The class divide is already toxic, and is fast becoming unbridgeable. You’re probably part of the problem.
Using the language of skills in the credentialing economy is more accurate and inclusive than other languages – credentials, race, age, brand, etc.
Innovation/Disruption: Empowering Learners and Disrupting the Status Quo
This track was focused on the policy and technology context that labor market transaction are taking place within and how this context will affect the future. We are on the cutting edge of how disruptive tech is changing the way knowledge and skills and acquired, validated and used in the labor market.
There will be job loss to automation and AI, but jobs will be created as well and we’re starting to get clear about what skill groups will be valuable and how to plan for this. Data science, data management, computer science, coding, development, communication, creativity.
Technology is good enough to increase efficiency, but not cheap enough yet to really drive change.
Yes, jobs will be lost to automation, but many more will be created.
It’s easier to focus on what we know is changing than consider what future jobs might be. Instead of looking 1-2 years forward, we must challenge ourselves to look 5 years ahead.
The digital economy is a skills economy, not a knowledge economy
Memorable Quotes
“Washington D.C. will be the most powerful city in the world in the 21st century. Regulators have huge influence over shaping the economy, this is where the line is drawn.”
“It used to be cool to know facts, now knowing anything is less valuable, because Google will always know more than you.”
“An interview isn’t a representation of what you can do, it’s a reflection of how many times you have interviewed and how good at interviewing you are.”
Whose responsibility is it to lifelong learn? What does that mean and what supports are needed?
“How can you trust a credential as currency in the labor market when there are hundreds of different currencies, all with different values?”
“We think in the future there will be a basic standard with customization on top. Right now, we see people in a low-resolution way, we needed a high-resolution image of what people know and can do.”
“Computer science and statistics should be taught in all high schools to everyone.”
“I think the overall effect of technology pushing out low skill, low wage jobs is positive. Economies are healthier when job quality is higher.”
“Federal programs including unemployment insurance, workforce and job training need to be easy – like Amazon Prime easy.”
Click here to download findings from Workshop 1: Building the Supply & Demand Ecosystem of the Future
Click here for full event video
Thanks to our great audience participation throughout the event, #credeconomy was trending in the D.C. area for four hours! Check out the twitter conversation here.
