So how do we meet people's needs, especially the last three on Maslow’s Hierarchy of Needs ?

Regarding the first—physiological needs (air, water, food)—make sure your pay scale is fair and adequate for the context and local labor market. Most applicants will consider this first when looking for a job.

In light of the second—safety needs (personal and financial security, health, well-being)—ensure that all your employees are in a safe working environment. Beyond this you may wish to consider retirement accounts, having funds available for family emergencies, personal fitness activities built into the daily routine, or asking for ideas from your employees as to how you could improve safety from their point of view.

For the third fundamental need of love and belonging consider the following questions: (1) When people begin working at your establishment, how are they brought up to speed with the company culture? (2) Is “insider-language” explained during their training? (3) What about company history, stories, and jokes? (4) Is there any effort made to place them in a group where they have “chemistry” with the other employees or re-situated if problems arise? Remember, everyone wants acceptance among their peers at work, they want to belong.

The fourth need is all about esteem. People desire to master their job and over time be given freedom to make decisions. Does your training program allow for your employees to grow beyond present potential? While not everyone will take opportunities to rise from their current position, highly motivated types will. Failure to provide for advancement or training in other capacities will cause your best people to go elsewhere. This is especially true of millennials (see this HBR article ).

Regarding the final and fifth need of self-actualization, do you consider your employee’s “bucket lists”? Instead of handing out customary bonuses and gift cards, discover what are your employees' big picture goals and help them achieve them. When you care enough to customize for each employee, you tap into something at the highest level of human motivation. This last one is difficult as it will take time and energy to get to know your people and compensate fairly across the board. However, the rewards that you reap with a highly engaged workforce may be worth the price.

Considering the implications of Maslow's Hierarchy of Needs may reveal how serious you are about developing the most important asset you have—your people. Start meeting more of their needs than the first two and you might be surprised how your employees go beyond their job requirements to fulfill your organization’s mission.