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Which is more important; level of education or years of experience?

Recently an institution I work with has adapted a "talent management" system of determining a person's pay scale, title, etc. Many people who have held a job for years may have their jobs "down-graded" due to lack of educational degrees even though they are top in their fields with 15 or more years of experience. In a talent management approach, which is more important; talent gained through education or talent gained through years of doing the job?

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    May 15 2013: Your level of education comes from experience. They go hand in hand. But as i always say, you will never be fully educated, there is always something new to learn.

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