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Maslow's Need Hierarchy Theory refers to the fulfillment of basic needs. Needs (desires) are the integral parts of motivation. It is necessary to fulfill the goals of the organization. If the needs are fulfilled then employees get motivated toward their work/job.
For more understanding, we have to learn about the components of Maslow's theory. Firstly before starting the explanation of components we have to know that who has given this theory? This theory is presented by Abraham Maslow ( American psychologist) who developed a hierarchy of needs to describe human motivation.
These are explained in a sequence which is as follows:
These needs are very basic requirements for the survival of human life. It includes food, shelter, clothing. Only by monetary benefits, the employees can fulfill these basic needs. For example, the Minimum basic salary satisfied the primary needs.
After fulfillment of basic needs then people start thinking about a secure future so that they can continue to their basic (physiological) needs. They want Physical security which includes safety from accidents, fire, and sickness, and economic security ( sufficient funds to fulfill the future requirements. So by these, people get more satisfied. For example, Permanent job, Provident fund, Pension after retirement or in case of disablement, etc.
It includes love, affection, friendship, etc. For example, cooperation among the members of the organization, in other words, strong relations among them.
Respect and recognition are the main elements of these needs. This type of need is very common in higher position employees. For example, Promotion, Special title to the employees, etc.
Fulfillment of the aim of life. In this, the person thinks about the future that what he wants to become, and after getting growth he achieves his decided target. It mainly includes growth and achievements.
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Business Studies Educator
Mrs. Amanpreet Kaur holds a BBA and MBA degree and has over 10 years of teaching experience in business studies and management concepts.
This guide covers "Maslow's Need Hierarchy Theory explained with types", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Business Studies Class 12.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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