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May I know when this plays a significant role in the business and how is it used in the general sense
Usually Human Resources managers will use this as a way of determining how to keep the workforce motivated.
When looking at the workers you think, is his basic needs ok? He has a house, food, clothes etc. So if I give him more of these things will this motivate him to work better? (most likely not)
You are basically looking at ways to motivate a workforce and you try to decide this by keeping in mind what they most likely already haveAlso this theory is also used in marketing.Another thing to consider is that for workers or potential customers , a fulfilled need is not a problem generally, an unfulfilled need is potentially a large problem.Think for example about inadequate heating in an office.Productivity and creativity could greatly suffer in workforce if this not addressed.
Maslow’s hierarchy of needs
{IN CONTEXT OF COMMERCE}
1. Physiological Needs: proper working hours,cateen, flexibility
2. Security needs: Employees life insurance,Pension, safety at work
3.Social needs: Polite leader, Friendly
co-workers,Vacations, Lunch together
4. Self-Esteem: Respected at work by other employees,Badges, Standing ovation authority
5. Self-actualisation: Using ones fullest potential inorder to achieve staggering challenging work in return of intrinsic morale boost
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