A few years ago, my dad worked for an automotive company that was close to our house, paid well, but did not have a great company culture or many opportunities for growth. After a few years of working there, the owners decided to sell their company and lay off many of their employees, my dad included. He immediately reached out to his coworkers from previous jobs and started using his connections to find a new job.
A few months later, he interviewed and received an offer for a position in the public health sector, a completely different industry, and had to decide whether or not to accept. This new job did not offer him the same salary as his last job but was able to provide him with a pension, opportunities for raises/promotions, the option to work from home, a 9/80 work schedule, a free gym membership, and an active, competitive, and friendly company culture.
While still unemployed, he continued to interview for other positions and had the option to decline this offer. After considering his different opportunities, he decided that the benefits offered by this company, and the ability to work with old coworkers were extremely important to him and outweighed the lack of pay that he would initially be receiving.
I believe that benefits present a certain value to people and if employers are able to compensate the lack of salary payment with great benefits, people are often willing to accept those offers.