Managerial Economics 2nd Edition by William Boyes

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A commonly referred to management theory is Maslow's Hierarchy of Needs. It is a theory of motivation and is structured as a hierarchy.

The way the hierarchy works is as follows: A person starts at the bottom of the hierarchy and initially seeks to satisfy basic needs (e.g., food, shelter). Once these physiological needs have been satisfied, they are no longer a motivator. The individual moves up to the next level. Safety needs at work could include physical safety (e.g., protective clothing) as well as protection against unemployment, loss of income through sickness, and so on. Social needs recognize that most people want to belong to a group. These would include the need for love and belonging (e.g., working with a colleague who supports you at work, teamwork, communication). Esteem needs are about being given recognition for a job well done. They reflect the fact that many people seek the esteem and respect of others. A promotion at work might achieve this. Self-actualization is about how people think about themselves-this is often measured by the extent of success and/or challenge at work
Maslow's model has great potential appeal in the business world. The message is clear: If management can find out which level each employee has reached, then they can decide on suitable rewards.
What problems with the Maslow Model come from its hierarchy?