Financial Strength of the Company: Any organization that is well-known and doing well financially typically does a good job at paying employees a relatively high salary. Of course, this is not always the case. Sometimes, however, the opposite happens: Many people wish to work with reputable organizations even if they are willing to pay less than the typical worth of an employee.
Conversely, an organization that is not well-known will not be able to attract as many people as a reputable organization. In this case, they may choose to attract competitive employees by offering them higher-than-average pay.
Supply and Demand of the Talent: As you may already know from economics, supply and demand are inversely proportional. For instance, if a specific geographical area has a lot of engineers, then they will be hired at a lower salary when compared to an area where engineers are rare.
This happens because of the easy availability of talent. In the same way, if the supply of a certain type of employee is lower than the demand, employers will be willing to pay at a higher-than-average rate.
Education and Experience: Education and experience are some of the most important factors that are helpful in getting you a job with a high salary. Your amount of experience and your education credentials have an influence on your job prospects as well as your salary amount.
These two qualities can make you extra qualified for a particular job. Sometimes, all that you need to do is have just a little more than the basic requirements in order to get a competitive salary.