Why Would Candidates Accept Lower Salaries? Exploring the Strategy Behind It

I have come across a case study where candidates are good, and they have good practical knowledge. The company has an expansion plan and they are recruiting candidates, but the terms and conditions offer a lower cost to company (CTC) than the current CTC.

Why would a candidate join the organization, and what could be the actual strategy behind offering a lower salary?

I want to quote something: "When you pay peanuts, you get monkeys."

Either the company wants people who don't possess any capabilities, so they offer them less, or they might be trying to exploit the job market scenarios or candidates' situations.

Regards,
Sriram