There is a growing discussion about whether or not college graduates are generally prepared for the workforce. This is a very interesting (and revealing) discussion.
This is not so much about GPA as it is about more fundamental problems -- attitude tops the list. Far too many college graduates think that they have 'paid their dues' by attending college and collecting a degree. Many seem to think that joining the work force is akin to joining a fraternity or sorority. They seem disappointed that employers' have high work expectations and are in no hurry to provide massive benefits and a club-med work environment to a rookie employee.
What every employer wants is someone committed to work hard, to learn new skills, and to already possess basic writing and mathematics skills. The vast majority of college graduates, measured against these expectations of business do not measure up.
That's the sad truth about higher education. We don't insist that our graduates have adequate writing and math skills to perform at a high level in the work force. Those graduates who do have these skills, likely had them before they entered college. They certainly don't gain or nurture these skills in college.
As for attitude, there is no more-forgiving environment than the modern university. Students can argue a C grade into an A grade, if they understand how things work. It is a simple task to manage one's GPA to end up with a 4.0 without serious study. Meanwhile, skipping classes, scrimping on assignments, cheating, massive drug and alcohol abuse are all tolerated with little or no punishment. Moving from the university environment to a work environment is a real culture shock for most college graduates in the modern era.
More and more the modern college and university is a great four year social experience that probably makes it more, not less, difficult to adjust to the realities of a market-based economy.