Other than pierson who they took on and sacked before they got relegated, I'd guess ranieri is one of a few managers with experience of Premier league football they have ever hired, they seem to employ people who have enjoyed a decent spell at some Italian or Spanish lower sides or go further afield and employ someone who did well in some obscure Eastern European league
From the outside it's insane to run a football club that way, I guess ranieri knows if he isn't up to scratch he gets the boot with a pay off