Academic Results vs. Workplace performance

Is there a correlation between academic results and workplace performance? Any research or pointers to this subject?

I am faced with a situation to try and solve the talent acquisition challenge for large IT organizations in India. One of the challenges is that for hiring fresh graduates, large IT organization work with a certain cut off marks (60%) in graduation. However I believe that this cut off is hampering their ability to tap into a large pool of talent who might do the job equally well. I would interested in hearing views on this subject and get pointers any research that might exist that compares academic results with workplace performance.