Term for "company mostly recruiting people who accept low pay"

Solution 1:

That sounds like two bad things in one company policy.

Poor paymaster:
Tightwad employer settling for hands that come cheap.

Hard Taskmaster:
Tries to get the best/ most out of the employee, not necessarily by paying more, but mostly by coersion.

Nick DePaul, … (Michael Bamberger on golf.com, Jan. 5, 2019)

And he was a tightwad — a hard taskmaster, and a poor paymaster.
…
Paymaster is a term of the armed services. Tightwad is a term of working men of a certain age in Broomall, Pa.

Squeezer Boss:
Deadly combo. Pays less, squeezes max.

10 Different Types Of Bosses And How To Work With Them (freelancer, Sept. 29, 2017)

6. The Squeezer Boss
If you are looking at career growth prospects, these bosses tend to be the best to work with. The squeezer boss knows what each employee is capable of, and they “squeeze” every last ounce of talent from the employee

I myself would choose Squeezer boss in a context like the OP's.

Solution 2:

This sounds like wage fraud. It’s surprisingly common.

This article in the Wikipedia is as good a starting place as any https://en.m.wikipedia.org/wiki/Wage_theft