As he said [Larry Prusak] - “When I was at my last job, at the age of 50 they paid me 10 times more than a 30-year old with the same qualifications. What was the residual difference? Knowledge and experience”.
Hmmm - now, that’s an interesting way to think about it! Take the company wages bill, take away what this bill would be if everyone was paid as a new graduate, and that’s the investment in knowledge. After all, if knowledge was not valuable, you could staff the company with smart young graduates at a fraction of the cost. The only reason you don’t, is because knowledge is valuable.
And what do most companies do with this knowledge, that they have invested 60% of their non-capital spend on? Usually they leave it in people’s heads…