Have you heard of degree inflation? It’s why college graduates are working in fast food—because their degrees aren’t as unique as they once were. On the job, a bachelor’s degree is the new high school diploma, and a master’s degree is the new bachelor’s; forget climbing the corporate ladder without one. Rampant underemployment is pushing non-degreed employees from the good jobs altogether, partly because employers still rely on education to predict job performance. But is this the best hiring strategy?

In no way does job performance correlate to college grades, so says many a psychological study. Yet countless organizations still require college degrees for their positions, prioritizing education’s value above years of experience in the same industry or position. But which candidate would logic dictate has the best chance of on-the-job success?

When you hire your next candidate, consider these factors beyond education:

• Experience. Just because a candidate lacks a degree doesn’t mean they lack commitment or knowledge! It can be better to hire a candidate who understands the business in practice instead of theory. And we all know a college degree isn’t required to succeed in the business world—Bill Gates (Microsoft), Richard Branson (Virgin), Mark Zuckerberg (Facebook), and scores of other hugely successful professionals never wore a college cap and gown.
• Leadership. Is this candidate a natural leader, able to guide and influence others to achieve a desired outcome, no matter what their title or role? Can this candidate recognize when someone else would be better suited to take the lead? The ability to step up and lead is a key indicator of success at any level of the organization.
• Learning. The desire and ability to learn may be the most critical trait to seek in a new hire. Lifelong learners are motivated, passionate, and eager to better themselves and their companies. They are the ones who will step in to cover the skills gaps we see so often these days. And while this trait might not be immediately apparent from a resume, it can be fleshed out with practical interview questions: Ask how a candidate tackled a project when they were given few tools or background information. You can also ask what skills a candidate has recently learned, how they learned them, and what drove them to learn those skills.

Although degree inflation has dampened higher education’s impact on a resume, college degrees can still show a few traits: that candidate was in a position to commit to and afford four or more years of voluntary education. The real question to ask when considering education in a new hire might be, Would you want any exceptional candidate to pass you by if they had all the knowledge, skills, and experience to propel the company forward?