Should Companies continue to require applicants to have a major degree?

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Companies Should Continue to Require Applicants to Have a Major Degree
Most people seek education to get skills that will enable them to secure a good job, get a good salary, and have a good life. On the other hand, most companies and organizations lookout for candidates with the best skills that will warrant the exponential growth of companies and firms and beat the competitors. The most laborious task comes when, where, and how to gauge which candidates have the required skills. This is the point where degree requirements while hiring are required. Many firms, for a long time, have been using and probably still using the level of education and the attained college degree to hire suitable and qualified candidates. However, this should not be the case because it is discrimination. The discrimination that was brought by the regulations that use a degree to gauge the skills that one possesses. I am against this traditional practice that companies should continue to require applicants to have a significant degree.
In "The Value of Post-Secondary Credentials in the Labor Market: An Experimental Study: American Economic Review," Deming et al. claim that most of the profit-based companies value skills more than credentials (790). Nevertheless, degrees have been a privilege for a particular social class, those with enough money to pay for college fees comfortably. Many students failed to get through their college education because their parents or guardians could not raise enough money to see them through college. However, these college dropouts are the best for some jobs in individual firms, even without college degrees. Having one of the application's requirements to be a college degree is inequitable. It favors the rich who were privileged to finish their college studies and attained a degree. Employers need to be flexible in their recruitment requirements to give a chance to college dropouts.
The mere fact that a person has a college degree is not a guarantee that they possess the required skills to execute a job effectively. Most of the kids from wealthy families are always arrogant and ignorant when it comes to studies. Maybe because they know that they will eventually inherit wealth from their parents and going to school is only for passing the time. This makes most of them not concentrate on their studies, and in the end, they graduate without getting the skills they went to class to acquire. This, therefore, means that most of them are not fit for the jobs they were trained to do in college. This is a very valid reason not to always consider college degrees as a significant requirement for job applications.
Many companies and firms have always had to retrain their newly recruited employees who possess college degrees. The purpose of retraining is to make them familiar with what is required of them in their jobs. The training cost money from the yearly budget of the company. This is a waste of resources. It would even be better to get the job seekers who do not have college degrees and spend that money on training them to equip them with the required skills. The college dropouts are always paid a little bit lesser than graduates. This means that companies and firms would save sign...