Pitotheat - you're absolutely right in what you say. However, I would imagine that the logic behind employing NR pilots is simply because they will accept poorer conditions and thefore cost less money.
I would imgaine that type rated pilots would enter on £45k plus sector pay of £8.2k = £53.2k. Most I would imagine will enter as SFO on around £56k plus sector pay = £64.2k. NR pilots are being offered to join on £38k with no sector pay, thats a potential saving of between £15.2k & £26.2k per pilot x say 100 pilots = £1.52M & £2.62M saving/ extra profit per YEAR for the first 2 years.
Once NR pilots have paid for their own rating (easy are charging way over the odds so they'll even be money to cover the costs of recruitment & induction) they will be in exactly the same position as the type rated guys but earning considerably less (I know they won't have the same experience but they will be as qualified).
My pal is now going through the process of deciding whether to accept a flexi contract. He is in bits. He cannot afford the repayments on a loan of £20k plus pay his mortgage plus feed his kids but he is desperate to take the job because of the prospects. Poor guy hasn't slept properly in a week.
If he were to take the job, you will have a guy sat in the RHS of an airbus stressing out everyday about how to make this months mortgage payment. That to me rings alarm bells