A better approach for a company is to make sure the age across all departments averages around 35 to 40 years with an even distribution.
Good Luck With That. The only way to do that is to force early retirement onto the older engineers, who tend to be the most capable ones you have, or to get rid of your middle-age engineers who are just starting to become as capable as the older engineers.
End result: you compromise the capability of your organization, make it worse than it would be otherwise.
Unless your organization is large enough that you have a steady stream of people who are retiring, and can bring in young people as replacements,
and have an even enough distribution of age and capability both within groups and across groups that your remaining older people can step into the roles that were left by the retirees, you're going to have a really tough time pulling anything like this off.
Engineering is one of those disciplines where youthful exuberance does
not make up for hard-won experience. Yes, someone who is relatively new and fresh can occasionally get a flash of brilliance and approach things in a new and insightful way that nobody else thought of before, but that's rare and
completely unpredictable, and often comes with its own set of tradeoffs (for instance, making rookie mistakes in the implementation of the new idea). Ideally you should have a mentorship arrangement where younger engineers are paired with older engineers so that the younger engineers can continually learn from the experience of the older ones. I don't know how often that happens in practice in hardware-oriented organizations. I've
never seen it in the software world, because the software world is focused on doing things fast and cheap at the expense of pretty much everything else (such as maintainability, reliability, execution efficiency, etc.), and adopts idiotic development methods (e.g., "agile" programming) that pretend to be about quality but really are about speed of development and nothing else.