The purpose of college is to train you how to think, so that once you’re out of college it’s easy to acquire the on-the-job skills.
College should provide a broad theory in the skills needed for a career.
What an employer should look for in a prospect is:
Presumably, the college grad picked a field of study they are passionate about. Does the prospect exhibit enthusiasm? Are they passionate about their chosen career?
Grades will show competence and commitment. You want someone with good grades but passion for the job can be more important than grades. Some folk don't do well at book-learning but they have passion. (This does not apply to most STEM jobs. Engineering depends are strong skill sets in math and physics so bridges don't fall down. In this case, passion won't cut it.).
Most businesses will have unique job skill requirements that can only be learned 'on the job' and will be tailored for the business.
Any employee who expects to hire someone directly out of college with the perfect set of jobs skills and requiring no training is naive.