The most important factors for most applicants are working with smart and interesting people, working on interesting problems, free lunches and other benefits, a nice office, and a boss who "gets" them. Way down on the list is salary, although that certainly has to be competitive.
You can find similar statements in different market reviews and even in some widely accepted theories like the Maslow's hierarchy of needs.
But, what does Competitive Salary mean? I bet, for most people it's equivalent to the statement, that the salary must be enough to support the style of life the person is used to. Usually, this amount is a bit higher than the sum of all current earnings.
So, the 1st thing a potential employee is looking at is the salary. Only after accepting proposed salary, she/he starts looking at other benefits the company can provide.
Want to argue? OK. Try to find a person, who will accept new job without asking about proposed salary amount ;)
P.S. By the way, different surveys give discrepant results. Unfortunately, there is no chance to check how objective such surveys are. There are some references to the surveys conducted in Belarus and Russia (target pages are in Russian):
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