What you USED to get in exchange for less salary was stability as government jobs were viewed as less vulnerable to economic cycles and uncertainty. Now that value prop is gone
Government jobs often have nicer health care plans than many corporate plans (but some corporate plans are very nice too).
Government jobs are still likely to have a defined benefit pension. Those are potentially a large deferred compensation, that can be hard to evaluate fiscally, but can be an amazing resource. If you can manage to get 20 years of Active Duty military, retirement benefits are pretty good, and there's nothing private sector that is close to that.