The companies I have been at or ran had tens of thousands of employees. I was always reluctant to hire overqualified employees. One of my worst hires was a white male Harvard PhD. He was overqualified for a reason, he lacked common sense (not suggesting this applies to you).
When you hire an overqualified employee, it is a fair assumption, that they are taking the job, because they need the money and can't find one suitable to their skills and talents. It also often means on the day you hire them; they are looking for a "better job" that pays more and suits their skills. That can be a real pain, since as soon as they understand the job, they leave.
Everyone is different, but for me, I would rather hire a slightly under qualified person, who demonstrates that they can learn the job and for whom the job represents an opportunity. That gives you both time while they are learning the job to find ways to retain them by building some loyalty and hopefully having a position they can advance into when they are ready.
When looking at a potential employee, a critical question is why does this person want to work for our company (beyond a paycheck)? In addition, are we going to be able to meet that person's needs including compensation, job content, etc.
Now let's address the "racial" elephant in the room. I have seen this in the workplace, and I think it is wrong, but I know it influences some managers.
In this world, of litigation, it is much easier to fire a white man under 40, if the person does not work out. No explanation needed... just do it. But when you hire someone in a "protected class", you take on much greater "hiring risk" including potentially submarining your own career, if you get accused of racism, misogyny, sexual harassment, age discrimination, etc.
Win or lose, just being accused will serve as a mark against you... even if it is a lie.
The simple reality is young white men are the easiest to fire. And so, in a perverse way, they become easier to hire, since if you make a mistake, it is easily fixed.
I did not do this, but it is an issue that sadly hurts minorities, women and older employees. In the process of protecting people from discrimination, you create a reason people discriminate. I did have this used against me and it almost cost me my job. If the women and minorities in my department had not stood up for me, I would have been in deep trouble.
