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Business Psychology

Kundan Pandey
Psychology plays a critical role in our daily living. In the business world, it helps us to work in teams and perform our best. Business psychology is applying the knowledge of clinical psychology in the business world.
What really makes an organization brilliant is not only great products but its people. The attitude and enthusiasm with which employees deliver their duties determines the fate of the firm. Demotivated employees perform worst in tasks they're assigned to do simply because they lack the inner drive to give in their best.
Where does such behavior and attitudes stem from? Why an employee fails to achieve his or her target? Business psychology has the answer to the questions of our minds, behavior and actions of employees in a team.
It is inherently the application of traditional clinical psychology to help employees perform better, improve their productivity and learn the art of personal and professional management.
Professional business psychologists are hired by corporate firms to train employees in self-management and professional skills. Even individual corporate honchos believe in the values of mind management and that is why they hire business psychologists with expertise in life coaching.

Why is Business Psychology Required?

There are many reasons why it is essential to make business psychology an integral component of training cells in a firm.

  • Helps companies in chalking out effective marketing campaigns.
  • Makes it easier to train employees in a more scientific and well planned way.
  • Helps in improving employee interaction by spreading awareness about the value of team work and professional bonding.
  • Keeps the employees motivated.
  • Teaches others in the workplace to handle negative and talented people who're difficult to work with.
  • Motivates employees to overcome their personal and professional weakness that can be anything simple like losing focus or concentration or procrastination to something bigger, like lack of motivation.
  • It also helps leaders to manage themselves and focus on their strengths of team building.
  • Guides managers to develop very effective relationships amongst employees.
  • It teaches employees to manage failures, take the positive part of it and move on. This virtue helps employees in times of setback to the firm.
  • It also helps employees to eliminate negative aspects of their personality like over controlling, angry, hostile nature, timidity and other negative attributes in the personality.

Degree in Business Psychology

To become a professional business psychologist, you need to obtain a bachelor's and master's degree in psychology followed by a doctoral degree in your chosen area of interest. State licensure is essential to obtain for all psychologists specializing in their respective fields.
Those working strictly in training sessions and work places often specialize in I/O psychology or Industrial organizational psychology. It is a study of workplace behavior and is a critical aspect of understanding how people behave and work in teams.
Those with I/O psychology degrees can find employment in variety of business settings. Professionals of business psychology are also called organizational psychologists. There are numerous colleges and universities that offer degrees in psychology.
As per the reports by the Bureau of Labor Statistics (BLS), psychologist profession will witness a growth rate of 12% in between 2008 to 2018. It has also predicted that there be higher demands of clinical psychology jobs like that of industrial-organizational psychologists in companies to boost performance and retain employees.
Business psychologists also have great earning potential and they can earn anywhere between US$50,000 to US$102,530102,530, right from their initial years to middle stages of their careers.
At peak of their careers, business psychologists can also earn six figure salaries. Business psychologists with great work experience also work towards conducting seminars and training sessions for different companies.
Business psychology is of immense relevance in today's world when fierce business competition and changing dynamics of doing businesses has added extra stress on employees. By applying principles of clinical psychology, it is easier to help employees to deal with the expectations of the employers.