A much better way are the points based systems found in Australia, Canada, and the UK. The details vary but it works like this: the government creates a system

A much better way are the points based systems found in Australia, Canada, and the UK. The details vary but it works like this: the government creates a system where each candidate is scored against. The final score needs to be higher than a threshold for the candidate to be granted a work permit and residency visa. The government decides what to score based on its idea of what's a useful addition to the economy. In the UK these include the highest degree earned, the last 12 months' earnings (weighted by country of earnings), English proficiency, etc. It also can add bonus points to professions it wants to attract - say nurses or doctors. The UK used to give automatic full points to an MBA holder under the HSMP visa scheme! PhDs didn't get this red carpet.