The purpose of this study was to investigate the function of the credential of college graduates in the process of recruitment within Korean labour market, where the average year of schooling of employee has been increased rapidly and credentialism has been pervaded widely. To fulfill the purpose of the study, employers' perception toward educational credentials of employee were surveyed. Major findings of this study were as follows: First, Employers regarded affective domains of applicants as more important than cognitive domains. It was shown that what most of employers would expect from college education would be affective traits rather than cognitive skills of employee, and they considered highly educated persons as having more affirmative affective traits. Second, there were significant difference in employers’ perception toward cognitive skills of employee according to company size, and toward cognitive and affective skills according to the employees' occupational position. For managerial position, cognitive skills and affective traits acquired through college education were considered more important. Third, the variables influencing employers' perception toward cognitive skills of employee were occupational position of employees and company size. Cognitive skills were more required for managerial positions than technical ones, and smaller companies required cognitive skills more than the larger ones. Regarding the affective domain, the requirement was different according to the occupational position of employees - higher requirement for managerial position. As far as hiring strategies are concerned, employers tend to put more emphasis on affective traits than on cogitive skills. This result supports the assumption of the conflict theory that affective traits are more important in gaining jobs than cognitive skills. And in Korea, the labor market of college graduates is differentiated according to the occupational position taken by employees and the company size.