I dislike the phrase “we’re all dispensable/replaceable.” I believe it’s often a misguided attempt at humility. The problem is it’s in no way inspirational to you or your team. No one, especially those who work for you, wants to feel replaceable, like they’re simply a cog in the machine.
Communicating to someone that they’re an indispensable part of the team doesn’t mean you can’t replace them if they leave, or that the team would never recover, etc. Of course you can and would. It simply means that the team would be different. That we, teammate, are a unique formation and you are a valuable part of that formation. If you leave, we will not be the same.
Remind others of their innate value. Lift them up to their potential. Words matter, choose with intention.
BUILT TO LEAD 
Great reminder going into the annual performance review cycle. Thank you, Rachel! Pairing my belief in my team’s potential and talent vs. the observed lackluster effort from some will (hopefully) lead to transformative conversations…have the nerve to be tough and tender – sharing truth in love.