So what is the disconnect ?
When exit interviews are done internally employees tend to be discreet about the actual reason for leaving and in most cases are more comfortable stating uncontrollable factors. Organisations on the other hand prefer having to deal with uncontrollable reasons for leaving as there is a sense of comfort that the Organisation could not control it.
Salary comes up as the most common reason. It is the truth in a way but far from being the reason for leaving. Once the employee decides to leave, he/she will apply elsewhere and invariably get a hike in salary with the new job. Hence, Salary is the outcome and not the reason for leaving.
The reasons are most often Controllable factors.