The new world of work demands not only academic knowledge and skills but also transferable skills such as communications, creativity, and collaboration--skills that are rarely captured formally. Meeting that demand will require a new approach to the high school diploma. The opportunity is ripe to redesign credentials to enable competency-based pathways and learning. The transcript for the next generation ("next gen") of learning and work will better represent what individuals have actually learned, what they know, and what they can do. It's time to explore how all learners (adults and youth) could record and communicate their learning from a variety of powerful learning experiences using the next generation of credentials. The goal of this report is to deepen state policy makers' understanding of the changes needed to facilitate meaningful next gen credentials and advance state policy to support those changes. This includes building support to modernize education, opening pathways for learning and reskilling, and providing value for lifelong learning to both individuals and employers. Students, families, employers, and organizations focused on education and employment, as well as nations around the globe, are exploring how to ensure students receive a world-class education that builds knowledge and skills needed for the future. New models of credentialing knowledge, skills, and qualifications are emerging to help achieve this goal. [Funding was provided by the Stand Together Trust.]