The new Australian Government is going ahead with a modest micro-credential initiative of the previous government. But we also need some reforms to conventional degrees. Recently I have been helping assess applications from students for course credit. One thing about these is the wide range of institutions people have studied at. Another is the impressive depth of work experience some students have. However, students who change institution tend to be penalised, with not all prior studied recognised, due to the difficulty of finding equivalencies. This is not a problem in the vocational sector in Australia, where modules are nationally standardised, but each university in the world tends to do its own thing. There is some university standardisation through requirements for professional accreditation. One approach might be to give a standard amount of credit for a professional membership, or having completed a professionally accredited qualification.
Professional experience also tends to get limited recognition at university. Someone who has spent years working on projects at a major international computer company likely knows more than the university lecturers teaching them. A better approach then giving them some credit and making them do courses is to have them write up their work experience, align it to the qualification requirements, and assess that as an e-portfolio. However, that requires training which most university lecturers don't have (I learned it at CIT, and Athabasca University).