That is sad, but I'm sure it is true in many places. Of course, some companies are run such that they breed fear and distrust making it unlikely that Managers will hire anyone who could potentially take their jobs. Of course, there is no good reason to hire a Ph.D. if the job is easily done by a HS grad -- in the end it is a waste of money and would bore the Ph.D. to tears -- a lose-lose situation.
I always looked at it like this (given a decent company): I try to hire AT LEAST one person who could replace me and train them to be my replacement. It makes my job easier, helps the company, gives them something to reach for/aspire to, and makes it more likely I can get a promotion and move-up if I'm not indespensible where I am. The company likes it, the employee likes it, and I like it.