Microcredentials have been promoted by governments and universities as a flexible means of improving graduate employability, yet evidence on their labour market value remains thin and largely descriptive. This paper examines whether stackable microcredentials improve early-career employment outcomes using graduate destination data from Australia and France. The analysis draws on linked records for 6,840 bachelor's graduates from three Australian and two French universities who completed their degrees in 2022 and 2023, of whom 1,912 had completed at least one accredited microcredential alongside or immediately after their degree. Outcomes were measured through national graduate destination surveys approximately twelve months after graduation and included full-time employment, employment in a field related to the degree, and annual salary. Propensity score matching was used to compare microcredential completers with similar non-completers on demographic, degree and institutional characteristics. Results indicate that microcredential completion is associated with a 6.1 percentage point higher probability of full-time employment and a 4.3 per cent higher salary in the pooled sample, with effects of similar direction in both countries but larger placement effects in Australia and larger wage effects in France. Microcredentials in data literacy and project management show the strongest wage and placement effects, whereas credentials in generic communication skills show no significant effect. The number of stacked credentials shows diminishing returns beyond two. The paper discusses implications for credential design, for the recognition of microcredentials by employers, and for national qualification frameworks in both countries.