I think you will find the airlines have a vested interest in certain flight training organisations continuing to supply cadets.
If airlines employ the current glut experienced guys then the flight training schools will wind down or go bust and then the pilots will have them by the balls due to lack of available cadets/new blood and that will make pilot employment expensive for them.
Oversupply and cheap is how most companies want it.
As for Monarch, they have always been one of the better companies and even though I am in a good position at the moment I would leave for a job at MON.