Financial compensation is one of the important factors in employee motivation. Normally if an employee is paid well, he will have a good and serious performance. However, as mentioned in the lecture, money is a short-term motivator because by the time the employee files the salary goal, their motivation and productivity will decrease. Other non-financial elements are also important for motivating people.
For example, being happy and satisfied in one's work is a strong motivator. Workers who are fulfilled by their work are often more dedicated, engaged and effective. Also, being recognized and appreciated for their work is very important for employee morale and motivation. To conclude, in my opinion a combination of financial compensation and non-monetary factors will foster a happy and effective work environment.

Within my experience so far in the industry, all of the things you have mentioned (financial compensation, job satisfaction, recognition, and work life balance) play an equal part in motivating employees. However, individuals could have different motives for working in a specific industry depending on their own personality. Some may be extremely financially motivated and not worry about having a work life balance as much, while others value their time outside work a lot more and would be okay with receiving a little less financially. One thing that I believe all employees have in common is the need to be recognized, when employees go above and beyond for work but don't receive any recognition for their diligence, it can lead to a lack of motivation in employees, and I have certainly seen this happen in the industry. Recognition for work and motivation is also correlated to job satisfaction, people are simply more satisfied in jobs where they are recognized for working hard or even going above and beyond their asks. This was explained in the lectures as well in terms of what motivates and retains employees so there isn't a high turnover rate within the organization. 

In my opinion, Money is an important factor. However, Other nonmonetary also play a significant role. I can tell you this from my personal experience. A good working environment, appreciation of good work, and supportive mentor are very important for work. Additionally, work-life balance is also important. If some one only gets high salary and others factors are not in favor then that person can never be a motivated and productive person. Only money can not motivate someone to work productively. All the factors determine the motivation and productivity of the work. 

Therefore, in my opinion, all the factors play a significant role.