Wrong. Companies are meant to make profits. If they have to hire employees in the process that is just incidental.
Remember employment is the means to the end i.e. profit. Employment is not the end in itself. So the employer has a duty to pay as low as possible to maximise shareholder value.
Companies make profit and pay "fair" wages. The mentality of making maximum profit and paying the lowest possible wage is a very short-term mentality, which will come bite them back very soon.