Hello Readers, this will be like one of business psychology articles where I try to talk about the importance of studying business psychology degree and in fact how a business psychology course can bring in value addition to your career and opportunities.
What is Business Psychology? Business Psychology Definition – Business and Psychology
Organizations are built and made functional by leveraging on its human capital resources. No matter how workable business plan one may have with all the strategies to effectively implement it, the ultimate success of the plan rests upon the people who are going to execute the plan and work on it. From leadership to employee engagement or managerial roles and responsibilities to organizational change and development, the role of a business psychologist is enormous. They are the professionals who apply psychological principles of human behavior to understand organizations and its functional elements. They work directly with management and employees with the aim of accomplishing organizational mission, goals and vision and making the workplace productive. This gives us a clear definition of business psychology.
Importance of Psychology in Business Administration – Business Psychology and Organisational Behaviour
Business Psychologists, who have business psychology degree, can work in a variety of positions and titles in organizations. As Human Resource Managers or Chief Human Resource Officers, they are engaged in the processes of recruitment, selection, training and development of employees. They screen candidates through interviewing and psychometric assessments for the specific positions. They are known for building employee-management relations by dealing with effective or emotional aspects of working. Besides, implementation of equal employment opportunities and affirmative actions are also monitored by them.
Role of Psychology in Business – Psychology and Business
Rapidly changing business world with technological advancements and social progress make organizations go sick and non-functional if they do not comply with the fast-changing environment. The role of an Organizational Development (OD) expert, a specialized variant role of a business psychologist, is to tap this fast-changing external environment and make organizations evolve through the change. An OD expert is known to build, retain and forecast the talent pipeline of an organization that can help it to acclimatize through rapidly changing external environment. Another significant role of a business psychologist can be viewed in the fields of marketing and advertisements wherein they apply their skills of influencing people and appeal to a buyer’s mind, heart and intellect. Business Psychologists are also positioned in organizations as Organizational Research Scientists to carry out human factor research for efficient functioning. Another fascinating application of a degree is to establish oneself as an entrepreneur with sound knowledge of business acumen, leadership, managerial duties and handling emotional labor.
Business Psychology Jobs – Careers in Business Psychology
To become a business psychologist, in fact it requires 5-7 years of rigorous academic training in a best psychology school / college along with hands-on experience of industry in the form of internships and summer jobs. It is important to note that out of the different types of psychology degrees, business psychology is an applied psychology field like forensic psychology and school psychology that assists organizations to utilize the talent and skills of its employees to gain competitive advantage. The actual crux of the field can only be obtained by working in the industry and understanding the field in real world settings. Thus, internships, part-time consultant jobs and summer training are essential for a prospective Industrial Organizational psychology student apart from academic degrees. In terms of educational qualifications, one must hold a major and a master’s degree in Industrial Organizational psychology (or masters in business psychology) to be eligible to gain registered license to practice as an I/O expert. The doctorate degrees in Business Psychology (or phd in business psychology) can make one enter in research and university positions and generate theoretical and research-based knowledge of optimizing the workplace.
Business Psychology Salary – Growth Opportunities
If you have good business skills with the ability and interest to understand the functioning of human behavior, a degree in business psychology (Industrial / Organizational Psychology) can lead you to one of the most lucrative careers across the globe. On an average, Business psychologists salary range from $94,000 to $102,570 that makes it one of the topmost three trend careers in psychology. Further, the job opportunities in the field are expanding exponentially and the career in the field is considered quite stable. A combo of the technical and the human aspects of the workplace, a degree in business psychology can get you listed in the fastest growing occupation of the next decade.
I hope this would have given you some insight into business psychology. Do let me know if you have any questions.
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