I think a degree (at a general level) means that the person has the ability to focus and apply themselves to acheive certain things. Its a good start but this is far from what i would class as a good employee - other things like honesty, sense of humour, ability to get on with co-workers, solve problems rather than create them, I could go on but won't......................

It is very important for people to be satisifed in their jobs with a fair reward and level of happiness as this directly relates to their output wether it be a service they are delivering or a product they are making.