Maslow’s Hierarchy of Needs: How it is applied to the Commercial Bank sector in a modern context?

In the current context, banks find ways to be on the top of their game in the industry while the competition within the industry is immense. As banks are services providing institutions that are highly customer-centric. Banking products are identical to each other in comparison to the industry and gives almost the same benefit for its customers. Competitive advantage lies in the hands of individuals who provide service where it’s unique to an extent to one person to another. This is where the “culture” of the institution comes in to play. A good organization culture improves job satisfaction of its employees and especially avoids the types of imprudently risky practices that triggered the financial crisis. Further, building a great culture also has the potential to widen profit margins and improve sales. Building a better culture can be frustrating. But banks have a tool at their disposal for improving the health of their organization is the concept of making their emp

Motivation refers to the states within a person or animal that drives behavior toward some goals. As per Ryan and Deci, (2000) motivation is defined as “to be moved to do something. Rather than the factors that motivate individuals” Further, according to Ryan and Deci, Motivation has two-fold which are “Intrinsic Motivation and “Extrinsic Motivation ”. Intrinsic Motivation refers to where an individual’s level of motivation which is coursed within the individual such as a person could be motivated in producing quality music due to the enthusiasm for music is within the individual (Ryan and Deci, 2000) Extrinsic Motivation refers to an individual’s motivation levels are based on external factors such as recognition and rewards, as monetary rewards, career recognition, career progression and other external factors (Ryan and Deci, 2000) Maslow’s hierarchy of needs theory is widely used in the world of management rather than for psychological aspects. The needs of employees are

A s per Jerome, (2013) the five levels of needs on Maslow’s hierarchy are discussed as below: (i)            Physiological needs This refers to biological needs which are the strongest needs since if a person were deprived of all needs such as, need for air, food, water, and relatively constant body temperature. These are basic biological needs persons to function at an optimum biological level. And it is these physiological ones that would come first in the person's search for satisfaction and healthy living. (ii)          Safety needs When all physiological needs are met and are no longer controlling thoughts and behaviors, the needs for security can become active”. While adults have poor awareness of their security needs except in times of emergency or periods of disorganization in the social structure such as rioting, war, social conflicts, children often display the signs of insecurity and the need to be safe. And this is the second most important

In our daily lives in the ever-challenging balance between our professional lives vs. personal life our needs and wants are been more completed and compulsory on the way to our journey. In this blog, we will take a look at Maslow’s hierarchy (or pyramid) of needs more in-depth to answer these questions. Discover everything that needs to know about motivation through this theory by further relating to an organization in reality.  Figure 1: Maslow’s Hierarchy of Need(Maslow’s Pyramid) Source :( Maslow, 1954, cited in Jerome 2013) Maslow’s concepts were originally offered as general explanations of human behavior but quickly became a significant contribution to workplace motivation theory, and are still used by managers today to understand, predict and influence employee motivation (Charted Management Institute, 2012) Maslow suggests that there are five major need categories that apply to human beings, as follows: 1.