Here is a contrarian view. How about keeping a valuable team member instead of getting rid of them at the first chance? I can bet that the past 2-3 decades or so the American organizations forgot collectively the most they have ever forgotten since the Industrial Revolution.
A skill cannot be handed over. You can painfully train someone to acquire some of it over time, but certainly you cannot “hand it over”
You're right, companies should value long-term employees. But what if that person wants to be promoted, or move elsewhere?
Skills can be handed over; it depends on the complexity. Also, two people can be equally skilled, but not have the same knowledge to operate effectively in a specific company position. Eg. your new IT guy needs to know the code to the fireproof safe where the tapes are stored.