Buoy or Burden: Micro-credentials versus inflation
It's no secret that the cost of living is rising.
Among other factors (like supply chain disruption and labor market shortages), inflation has been rising for years - and it's only getting worse. The cost of housing, food, and healthcare are all increasing at an alarming rate in both the United States and abroad. This reality is especially difficult for learners, especially those who are already struggling to pay for their education.
In economics, the inflation rate is a measure of inflation, the rate of increase of a price index (in the below case: consumer price index). It is the percentage rate of change in price level over time. The rate of decrease in the purchasing power of money is approximately equal. The data represents U.S. city averages. The base period was 1982-84. In 2021, prices went up by 4.7 percent in the United States when compared to the previous year. (Statista, 2022)
United States: Inflation rate from 1990 to 2021, Statista
Source: https://www.statista.com/statistics/191077/inflation-rate-in-the-usa-since-1990/
Fortunately, Micro-credentials can be a great way for learners to save money.
Generally, Micro-credentials can be completed in a fraction of the time of a traditional degree, and they often cost a lot less. Furthermore, micro-credentials can be a great way for learners to build up their skillset (sometimes called "upskilling" or "reskilling"). In other words, micro-credentials can help you learn new skills OR improve your existing ones!
There are a few things for learners to keep in mind when considering which micro-credential program to enroll in:
First, ensure that the program is accredited or results in some industry-recognized outcome. Outcomes-focused micro-credentials ensure that the credential is worth your time and money.
Second, check to see if the program is eligible for some form of financial aid - This can help offset the cost of the credential.
Finally, don't forget to evaluate the credential outcomes against your unique region. Depending on where you live, the career outcomes (for example, the salary of a role or skill required in your area) can vary significantly between micro-credentials.
Consider these three factors when deciding whether or not a micro-credential is suitable for you and your unique learning journey. And, if you're a micro-credential provider, reach out to the Micro-credential Multiverse team to create micro-credentials and learning pathways that unite learning experiences with professional outcomes!
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I hope these strategies will help you create rewarding experiences for your learners as the world does its best to get back to work.
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📸 Cover photo by Markus Spiske on Unsplash
