They go out, obviously. Up or out is only better than the very worst cultures. Given how maddeningly difficult it is to find competent people at any pay grade

They go out, obviously. Up or out is only better than the very worst cultures. Given how maddeningly difficult it is to find competent people at any pay grade it seems extremely stupid to chuck everyone out after a while. It also implies a bias towards promoting from within, which is a great way to create cultural stagnation.