Abraham Maslow's theory

Yes it does. Especially in relation to the human resorce.

• A new hire may be inspired with a high incetive but once he gets older in the organization he has other needs.
• That is the reason to retain a tenured emploee epecially in the sales dept cannot be retained with high incentive alone.
• He has to be given respect and sometimes it has been seen a special job role has been ceated just to give a respectable job role to a tenured emploee.
• Sometimes it does not have much monetary value but  commands respect among subbordinates.
• Hence after the basic monetary needs are covered the emploee wants recognition needs and self actuation needs.
• All these needs have to be taken care of by the HR dept  to limit attrition of tenured emploes.
• As cost of training an old emploee is high retaining a tenured emploee is as important as retaining an old customer.