But isn't that discrimination?
Just for the youngsters amongst us: discrimination doesn't only have to be applied on race (which is the most obvious thing people think off) but can just as easily apply to other areas such as gender and age. And correct me if I'm wrong but discrimination is against the law I think ;)
Of course companies should be free to hire who they want, it's their paycheck afterall. But even so the whole thing is utterly stupid because by doing this you're also throwing away years worth of expertise. It doesn't matter if someone has documented all their work, even the best documentation out there is in no way comparable to pure hands on experience.
I wouldn't be surprised if that all that money they may be able to save on the payroll will get burned up anyway because people are now busy re-inventing the wheel. It's inevitable, that's just the way things work.