There are many aspects that make a job more desirable: pay of course, but also how meaningful, interesting, flexible, safe, comfortable... it is.

So if you don't want to sacrifice on one aspect, like pay, some else will, and he will get the job. It is especially true if it doesn't require special skills you have.

The worst is if you are an expert in the field of your current well paying but boring job. All that expertise may not translate well into the "more meaningful" job you found. So not only you will be against people who are ready to get paid less but you will also be less competitive.