Why educational qualification is not considered during recruitment?

When it comes to recruiting the right people for the right job, several factors are considered. What is the most important of these factors? Well, the obvious answer is educational qualifications. Recruitment has this myth associated with it that a person who is highly qualified will land up with the desired job.
However, this is not true, especially for the recruitment market these days. Now-a-days, educational qualification is not considered during recruitment because what is written on paper while applying for a job may not be true. Educational qualifications look good on paper for most candidates; but that is where they belong. Educational qualifications are not a surety to the fact that the most qualified candidate will also possess the skills essentially required for the job.
In other words, today, skills and capabilities are what dictate the recruitment process rather than the qualifications of an individual. The fact that a person with the required skills and capabilities for a job may not be highly qualified is also true. However, what is required for any job is a skillset and may be basic educational qualifications that almost every job seeker possesses. 
Today, most companies lay more emphasis on the skills and abilities that the candidates possess. Moreover, with the right skills and abilities, most candidates are able to adapt to the culture of the organisation they are chosen to work for. This may not always hold for those who are highly qualified as these people may have their own set of beliefs and values when working. So, to say that people who are very highly qualified are less flexible will not be wrong. 
Furthermore, job descriptions also these days list the roles and responsibilities and the skills required for them and educational qualifications are usually secondary. This is more so because there are some jobs for which educational qualifications may not even hold relevance. In fact, educational qualifications may serve as a gate pass to get a good job, but if after getting selected, the candidate does not work well because of the lack of capacities, what will educational qualifications do?
Therefore, to find the right candidates for the right jobs, educational qualifications are usually overlooked by most companies during recruitment.