Is Maslow's Hierarchy of Needs Still Valid Today?
Yes, Maslow's need hierarchy is still valid today and even handy and practicable. Most humans have the same basic concept of needs.
One can amend or improve it with knowledge or exposure to experiences. But still we pass through the same hierarchy. A person starts to think of the second level of needs only once the first one is fulfilled.
For example, if a person is hungry, he needs food, and if you give that hungry man an appraisal or a certificate, will he be happy? Probably not...
As a manager it's especially important you consider what suits each particular employee at some point in time. That is what matters.