Do you agree with hr professionals who believe that employees do not leave the org because of the (financial/monetary) issues in the first place ?

Yes I agree.

If the employee is directed with Smart goals and career progression and he/she is recognized, respected and appreciated for his/her contribution, If his/her suggestions, ideas, issues are heard, if he/she gets oppurtunity to learn new skills than many a times they chose to continue in the job inspite of low salary.

Having said that it also depends on the qualification, experience and the position. If the employee is paid below the 60th percentile of the market rate prevailent for the position than he/she will leave for better pay.