Where Matters
What and where you put your efforts matters as much if not more than how much effort you put in.
When you work in companies that are dynamic and on an upward trajectory, there and huge benefits of tailwinds that you enjoy. Sometimes, even an above average performance carries you much further and higher in such instances versus the intense effort you may put in stagnant companies which are facing headwinds.
It's similar to investing a certain sum of money in stocks. A 100K invested in a dynamic company can give much better returns than 150k invested in a stagnant company. With every passing year the returns can either compound or they can wither away.
Upfront compensation is only one part of the puzzle when choosing where to work. The bigger or more important part to evaluate carefully is the company's (and your potential team's) likely growth trajectory.