As someone who does a ton interviews and is usually the one who gives the technical thumbs up on hiring decisions in my group, I've summed it up as Joel Spolsky famously did a long time ago... "smart and gets things done"

I just need someone who can learn stuff and has shown technical competence at some point in their career (even new grads). It's definitely harder as a new grad because hey, you have no experience. But show me how you've done something technical in school or an internship. Or have gone above and beyond in a class project. For my more experienced roles, I need to see some passion for what you're doing in addition to knowing what you're talking about. I don't do whiteboards or coding interviews. I don't ask those stupid interview questions either. I don't need the best of the best of the best. But I have been pretty successful for what I've been looking for and the quality of the coworkers I've been a part of hiring has been great from my perspective.