Abraham Maslow's theory

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are you aware of maslow's hierarchy of needs, what are it's benefits when plann...
Posted by:
Sami
25-October-2013

In your opinion, is Abraham Maslow's theory of hierarchical needs applicable to practical business situations? Please give reasons in support of your answer.

Business Management Human Resources Strategic Management Management

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Date Posted: 2014/07/29

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by Subhranshu Ganguly , Quality Analyst. , WIPRO

Yes it does. Especially in relation to the human resorce.

A new hire may be inspired with a high incetive but once he gets older in the organization he has other needs.
That is the reason to retain a tenured emploee epecially in the sales dept cannot be retained with high incentive alone.
He has to be given respect and sometimes it has been seen a special job role has been ceated just to give a respectable job role to a tenured emploee.
Sometimes it does not have much monetary value but commands respect among subbordinates.
Hence after the basic monetary needs are covered the emploee wants recognition needs and self actuation needs.
All these needs have to be taken care of by the HR dept to limit attrition of tenured emploes.
As cost of training an old emploee is high retaining a tenured emploee is as important as retaining an old customer.