The cost of replacing a skilled person includes recruiting and training someone to the same standard and helping them become equally confident within the team. Wages alone therefore understate an experienced person's value to an organization. An illustrative craftworker may perform work that would otherwise need three or four machines and five or six people to operate them. Automation does not necessarily remove the need for labor or expertise. Organizations can become dependent on aging craftspeople when few replacements are coming through.
Notable Point · 1:08:08-1:10:44
Skilled personnel cost more to replace than their wages suggest
Recruitment, training and scarce practical skills make personnel replacement far more expensive than a wage comparison suggests.