Employees are the backbone of any company. Though it is the leader who is seen by outsiders, it is his inner men who do all the work. Man is the best asset that any company can put his money into. Attrition is a major worry and so is rising employee cost. I have worked in few companies where the idea is to recruit retired experts in the field and give them youngsters. Youngsters have all the enthusiasm in them to learn things. While the retired experts appointed as consultants know that their days of working are limited. They have large chunk of knowledge which they like to share. They do not do work physically and hence guide the younger force to do the needful. The consultants as well as the trainee costs are quite low - for former this is additional income after retirement and for latter, it is their first job.
There are other group of employers who like to keep only experienced staff. Though their costs are high, they are preferred class by employers. Their main reasoning is that the experienced staff will give you output from Day 1. He does not need any training. He is taking high salary and it is expected from him that he knows the work. This gives an advantage as compared to the first case. For example, though the cost of the trainees is less, there is no guarantee that they will be loyal and remain for long term. Since this is their brush with a new industry, they will gradually know whether or not they want to remain with it. Also, they need training and it is not guaranteed that they will not do mistake. The cost of the mistake depends on the type of industry. But if the cost of the mistake is very high, then it is not at all advisable to go for the first model.
A better alternative is to have a healthy mix of both. Normally, the experienced employees do not like to share much knowledge as they feel insecure. Here the consultants come into picture who can guide the new blood.
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