CONCLUSION & RECOMMANDATION
Maslow’s theory states that, when a person fulfilled his psychological and safety needs, he or she will develop a need to belong, then get respect and then ultimately realize his or her full potential. When people are happily working they will tend to do their job role with enthusiasm and will spread positive feeling to other stake holders including customers For example, while senior managers are responsible for ensuring that a bank's process for opening checking accounts is efficient – utilizing up-to-date technology – a bank employee will likely get involved at some point in the process If financial institutions focus on helping employees feel engaged and a part of something important, the results can be significant Like any business, the health of a financial institution begins with the people who work there (American Banker,2018).
Regardless of these criticisms, Maslow’s hierarchy of needs represents part of an important shift in psychology. Rather than focusing on abnormal behavior and development, Maslow's humanistic psychology was focused on the development of healthy individuals. While there was relatively little research supporting the theory, the hierarchy of needs is well-known and popular both in and out of psychology. In a study published in 2011, researchers from the University of Illinois set out to put the hierarchy to the test.What they discovered is that while the fulfillment of the needs was strongly correlated with happiness, people from cultures all over the world reported that self-actualization and social needs were important even when many of the most basic needs were unfulfilled. Such results suggest that while these needs can be powerful motivators of human behavior, they do not necessarily take the hierarchical form that Maslow described (Gans,2018) .
According to various literature on motivation, individuals often have problems consistently articulating what they want from a job. Therefore, employers have ignored what individual say that they want, instead telling employees what they want, based on what managers believe most people want under the circumstances. Frequently, these decisions have been based on Maslow's needs hierarchy, including the factor of prepotency. As a person advances through an organization, his employer supplies or provides opportunities to satisfy needs higher on Maslow's pyramid (Joseph,1997) .
Referencs:
Bateman, S. & Snell, A. (1999) Management- building competitive advantage.4th edition. Boston: Irwin McGraw hill.
Shanks, n. (2012). Introduction to Health Care Management. [online] Google Books. Available at: https://books.google.lk/books?hl=en&lr=&id=z3U8V5IYR54C&oi=fnd&pg=PR1&dq=management+and+motivation+nancy+shanks&ots=pC_ewHltmF&sig=yfFAAoOXrtzRKOZ8k_hmXi_wkY8&redir_esc=y#v=onepage&q=management%20and%20motivation%20nancy%20shanks&f=false [Accessed 7 Oct. 2018].
Dear Niroshini, Interesting article to read of Maslow's theory in Banking context. Crawford (2016), describes that the last stage of Maslow's theory has the potential to affect a bank's bottom line as his theory dictates that, once a person's basic psychological and safety needs are met. he or she will develop a need to belong, then get respect and then ultimately realize his or her full potential.
ReplyDeleteMotivation is the act which causes somebody to take action (Buchbinder & Shanks, 2007) or, in other words, the development means to an end (Cleveland & Murphy, 1992). Motivation which ensures that more or less cognitive efforts are made to improve the quality and quantity of work performance (Clark, 2003),
DeleteExcellent blog .Wish to state ,The Maslow’s hierarchy applies on both these customer groups. According to Kaur (2013) Maslow’s hierarchy of needs theory has made a significant contribution to the organizational behavior in the area of employee motivation. My idea is that the Maslow’s hierarchy should be applied on both internal and external customers.
ReplyDeleteThe words "physiological," "health," "belonging and affection," "social needs" or "respect" and "self-actualization" were used by Maslow to describe the process through which human motives generally move. This implies that each stage must be fulfilled within the person itself in order for motivation to emerge at the next level.
DeleteHi Maheshika , it’s a very descriptive writing on Maslow’s Hierarchy of needs in the context of banking industry . Link between the Motivation and Money suggests that Money, in the form of pay or some other sort of remuneration, is regarded by many people as the most obvious extrinsic reward. Money seems to provide the carrot that most people want (Armstrong and Taylor , 2014) ,which applies even to Corporate entities such as banking organizations as well .However applicable money rewards may differ , based on the grade ,designation of the employees and the experiences in the organization as well .
ReplyDeleteFacilitating financial institutions to help employees feel engaged and a part of something meaningful, the effects may be relevant. People who feel like they belong are usually more content. When people are happier they are more likely to be enthusiastic about doing their jobs and spreading that positive feeling to others, including clients.
DeleteHi Niroshini, it is very interesting to read your blog as you have clearly communicate the theory on Maslow's hierarchy of needs. It is obvious that the most famous theory is the Maslow's theory on employee motivation. As said in the blog, motivation is a essential for all organizations to increase the productivity.
ReplyDeleteI can recommend to introduce rewards and special gift vouchers for employees to increase the motivation. Honoring and rewarding outstanding work is an important part of performance culture.
According to the Maslow's theory, organization can implement annual awards ceremony, and certificates based on the performance of the employees in different different levels and categories. so I am suggesting to you go with their expectation levels. Organization may have to consider the Levels expectations and needs when selecting reword systems Ex ground level employees should be gifted with some valuable household item to fulfill their requirements and middle level can be awarded with certificates and top level with recognitions. this could be strategic approach for uplift to them to their next expectation on level in hierarchy. So the application of Maslow's theory would be highlighted with your assignment. So this shall be linked with rooms Expectation theory. According to him, expectancy is having a relationship with performance. And with instrumentality rooms said performance is related to rewords.
Thanks Udeni,
ReplyDeleteAny manager who gives a group of employees the same reward and he or she will probably tell you some employees were more enthusiastic than others. He or she can also demonstrate why, over time, the reward's motivational impact varied from one employee to another.