Maslow's hierarchy of needs theorizes that people are motivated to fulfill basic physiological needs before moving up the pyramid to satisfy safety, social, esteem, and self-actualization needs. McGregor's Theory X assumes employees dislike work and need close supervision, while Theory Y believes employees can self-motivate and direct themselves if given responsibility. Effective motivation techniques include encouraging teamwork, welcoming ideas, prioritizing work-life balance, and learning what intrinsically motivates each employee. Motivation leads to improved performance, reduced turnover, and a stable workforce.