Yeaaaahhhh no. People leave because of money. People are leaving for money. And they would be stupid not to. Because companies have no loyalty. You are a human resource to be used up like any other. Like gasoline. The second they can save a few pennies this quarter you are gone. People used to stay for their pension. No pensions now. You have to fund your own retirement and that takes money.
I run my personal finances like a business. Whenever companies say "we're a family" or "we don't want someone only focused on money" I hear "we only hire morons". I an cognizant of cashflow, taxes, I'm very heavily invested and I take all of it very, very seriously in terms of structure, diversification, opportunity, tax efficiency, profits. Like any business should! Income is my biggest revenue stream and therefore the most important factor for my success a/k/a the success of my business (which is me). If I leave I'm leaving for money.
My relationship with my employer is a business one. I don't understand why managers / HR think it's some kind of therapy one. Your manager wants to talk about feelings? I don't write contracts for fun and friendship, they are for business and employment is a business relationship. I have an actual life that I am living and this business relationship is about money it is absolutely not my whole life and I'm more than happy to take my skills elsewhere for more.
I cannot fathom someone getting so wrapped up in their job as their identity that they literally pay money to the company to do it (by staying in a lower-paying position) but I guess it can happen, e.g. people go work for Apple which notoriously underpays as well as being kind of a poor work environment, but people still flock to them due to brand reputation. I don't have feelings about the companies I work for. I have strong feelings about the code I write, I strive for highest possible quality given the constraints. But who I am is the person who writes that kind of code, not who I write it for.