Thanks for the q, @Shriyam (Myracle.io) While the money is a very big criteria, it is always one of the many criteria for candidates. Also, remember that people take decisions based on emotions and then rationalize those decisions to themselves and to the world by giving reasons.
You’ll have to use the working backwards approach here - look at the candidates that have said yes to you despite you not offering the money they wanted and try to understand what were the other factors that helped sway the decision for them. Many times, it’s personal brand of the founders and/or the managers they’ll work for. Or it’s the larger purpose of the organization.
Articulating the company’s purpose and having supporting material (genuine projects/ testimonials/ glassdoor reviews etc. which support the company’s journey towards its purpose) will go a long way in getting candidates to lower the weightage they give to only money in their decision-making criteria.
You’ll have to think of the differentiators and offer them to the candidate. If the only lever you have in your hand is money (or something that every other company will offer), then you are in the commoditized business. The highest salary provider will always win these games.
Having genuine stories by employees about the work, what they like and enjoy in your org. will all go a long way in building a favourable image about your org. even before they come to your first round. Also, think of what you can do/ offer in the screening purpose that shows that you genuinely care about the candidate and are invested in their success!