AJ, it doesn't make good business sense at all.
With the policies Ryanair have now adopted, they will end up with pilots (if they get any) who have no sense of loyalty at all. Since they have been taught that the general principle in Ryanair is "Shaft them before they shaft you", when the boot is on the other foot as sooner or later it will be, they will get their revenge. Far more sensible is to engender a sense of loyalty in your staff, and have them defend you to the last breath, and want to work for you whatever.
Furthermore, since they will not be bonded if they are having to pay for their ratings, and, a year or so down the line, with poor pay and conditions, but with a popular type rating and heading for 1000 hours jet time under their belt, they will be out of the door in seconds.
Recruitment costs money. Not just type training, but in using up valuable resources (training captains' time, sim time, difficulties with rostering if you have to pair an inexperienced pilot only with a senior one, etc. etc.
Lose an experienced, qualified pilot, and you have to pay just to replace him/her with an inexperienced one.
This does not make good business sense. Ryanair are storing up many many problems for themselves in the future for simply short-term gain and the pleasure of kicking their workforce simply because they can.