Yes to a certain extent but, the glory of the youth is in their strength and stamina. Age brings with it experience to survive in the world. The older ones have the experience and tenacity to withstand pressure as they have 'been there, done it'. They are not as easily discouraged by setbacks but unlike the youths, they are not as flexible.
(Like what Bumble Bee said - some older staff are not open to new ideas and new concepts)..Youths are flexible and quick to adapt to the latest trends more than the old - some who are very very rigid. They are more creative and innovative but however, the older ones have an edge over them in terms of management skills or even handling their personal lives and family. They are more practical and for instance, more wise in personal financial budgeting than youths.
In the entertainment showbiz, I'll cring whenever I see young new actors and actresses acting out roles on the telly coz...they really lack the ability to be natural in their roles and tend to be either too stiff or one-dimensional = think of the latest MediaCorp actors and actresses or even one-dimensional 'stars' like Nicholas Tse or HK's Twins or Taiwanese prettyboys and girls of today's idol dramas. It seems that nowadays, entertainment bigwigs favor pretty faces more than consummate actors of real quality - which is a big dismay.
The older faces with age and experience are much better actors inspite some with the shortage of great looks: think of Jackie Chan, Robert De Niro, Al Pacino or Tom Hanks; Anthony Wong, Zoe Tay or Xia Shaoguang. They are who I will deem as actors of real calibre.
The sad truth is only a few young actors today are brilliant eg. Daniel Wu (young but versatile HK actor in my opinion and better than the other young HK 'stars'), Christian Bale (Batman Begins, Shaft. Psycho), Charlize Theron or Edward Norton (Italian Job, Ameriacn X History). And this is not only confined to the entertainment world but to the society outside now where youth is valued over experience. It's always ironic to see some companies advertising in career adverts that they want young applicants with paper qualifications and yet also have years of experience. E.g. a degree holder with 3 to 5 years of experience. Which brings me to think how much experience do a young fresh grad get? I mean, he or she must have been spending their ealry years full-time mugging for a degree and when they are out looking for a job after graduation, they are told they need at least 3 years working experience to get into the job. It sounds all daft to me. Or are these companies daft?
In short, youth is good but you need experience too. As like one earlier comment to this question, grow older but retain the strength and stamina of a youth. The key is to being balanced individually and fostering mutual respect between the youths and the older generation esp in the workforce: never diminish the advice of the older ones but never belittle the ideas of the youths which are really gems at times.