Salary as only Gowth criteria

Do they really measure their growth in cash, or their happiness?
If they really grow, I would agree with them that this should also show in the monetary compensation. The salary should be a reasonable compensation for the value someone delivers to the company, and if that value grows, it is reasonable that the salary grows.
If they measure their happiness in cash alone, you do have some coaching to do. Most probably, however, they will have to personally experience what it means to work in a differently managed environment before they will believe you.

Karthik,
On rare occasions, I have met people who are primarily motivated by money.  I coach them to go into sales.   Then every growth factor can be measured by increases in compensation:  learn this technique, make more money.  
Let's talk about behavior...
If they don't want sales, you should find out why (aren't one on ones great?!)  You can map out with them how they want their career to progress, and then the skills required to get there fall into place.  Does it matter if they're motivated by money, as long as they do the job?  
The key is to demonstrate that these other skills help them get where they want to go.  
Often, you discover some very interesting things through the course of that conversation.  
John

Let them grow up. Life has a way of forcing that on them. ;-)
Give them what you can in the way of rewards that satisfy them when they perform.  Give them other rewards that you can when they perform, whether they value them or not.  Try to explain that the rewards they don't value whos the COMPANY that they are valued.
If you lose them because they want what your company cannot give them, let them go with best wishes that they find what they want or mature first.  Your job is not to give them what they want, but to get the most performance you can from them while rewarding them within the structures and budgets you're given.
This isn't about coaching, To change those kinds of values, you'll need a strong, long relationship.  If they stay, give it time to allow them to observe your value.
Mark

Salary is a measure of growth within a company, or at least a proxy for it.  As you grow in your role or into another role you are providing more value and so your salary rises.  A large part of performance management relies on this; if you perform well you get paid more, if you perform poorly you get paid less and if you perform really poorly you get sacked and not paid at all.
Whether salary is the only measure of growth is a different question.  It's also a question the answer to which depends somewhat on the job.  Some really responsible jobs have comparitively low salaries for the responsibility level.  Those jobs however tend to be ones that also attract a lot of prestige or some other 'benefit' (as a student I took on an unpaid,  high responsibility  role in a fund raising body because I figured it would look good on my CV and it meant I'd have a say in how that money was distributed at the end of the year).  They attract people who are motivated by those sorts of rewards.  Other jobs don't really garner prestige or other incidental benefits, for those jobs salary is the only or primary motivator.
There's also the question of DISC type.  I strongly suspect that whilst a High-I might be quite strongly motivated by having an article written about their successes in the company magazine or local newspaper, a High-C would see that as a disincentive and a High-S would prefer a meal out for the team followed by a show or sports event.  A High-D might like the article but only so they can post it outside their office as evidence of how much better they are than everyone else.
Salary, well money, has another advantage for many people.  As well as satisfying our addiction to food, shelter and clothing for ourselves and our family, it can be used to buy things!  I'd really like to be earning more and am actively trying to develop (grow) into a role that will allow me to do that.  This is not, however, because I just want more money.  If I earn more I can give my nieces (I don't have any children of my own) a better start in life by helping them with their education, I can do more things I enjoy (everything I enjoy seems to cost these days, including spending time with my nieces) and maybe even get some golf lessons to fix my swing.  Maybe for these people increased salary is their primary concern not because it's an end in itself but because it's a means to an end?
Stephen