You are exactly wrong. It is young people who are willing to work for less pay. Old people on the other hand have a better idea of how much their expertise is worth. Lets face it, slashdot is getting middle-aged.
The problem with increasing bureaucracy, is that one company will hire more people to get around it, and every other (sufficiently big) company will also hire more people.
So while hiring more people may be a net benefit to one company, it will waste more money as everyone is forced to hire more people as well as setting the bar too high for newcomers.