Good hiring IT companies already include a years of experience equivalency to higher education. There is basically two traditional paths in IT work. First, you get the 4 year degree and have less experience in the field with specific technologies. Second, you dive straight into the industry doing grunt work while getting whatever certifications you can along the way and generally end up being more specialized. Your hiring policies can discriminate between the two because they are actually different, or they can dictate whatever period of industry experience/higher ed ratio you view as sufficient to do a job. Even once you have applicants, you still have to vet their credentials by checking certification, employment history, and degree course catalog. Not every degree is worth something. Universities that try to pawn off bachelor degrees as just a collection of certifications are very different than ones that provide a broad understanding of IT from top to bottom with the ability to learn on their own quickly to adapt to the rapid pace of technology changes.
I have my BS in computer science and I've been able to fill the roles of system administrator in multiple OS, storage administrator, network administrator, telecom worker, QA manager, DevOps lead, and programmer. I couldn't do all that if somebody had just fed me the cisco certification path. There is a market for people who did that though.