Psychology plays an essential role in business. Behavioral principles can be found throughout the workforce and in traditional business practices such as human resources, management and sales.
Business psychologists specialize in applying psychological principles to workplace issues such as employee morale and productivity. By studying small group and individual behaviors, these professionals help companies create policies which foster more productive working conditions.
Sales
No matter the service encounter – whether a restaurant visit or purchasing product – people form an overall perception of their experience based on perceptions. Understanding this psychological concept is critical for turning visitors into paying customers.
Business psychology is the study of applying aspects of human psychology into practical business applications. A business psychologist can assist businesses with numerous issues that impact them, including providing advice to employees and analyzing company data.
Whoever wishes to pursue a career in business psychology should seek out universities with accredited degree programs. Franklin University provides an accredited Master of Science in Business Psychology program which will teach you how to integrate recent psychological findings with business strategy for an edge in today’s marketplace. In addition to learning the foundations of psychology, this practical toolkit will equip you for any role or endeavor professionally speaking.
Marketing
Business psychology is an applied branch of psychology which applies research and knowledge about human behavior to business practices. It integrates practical experience of workplace dynamics with theoretical rigor and understanding of psychology – all to achieve positive and lasting change for both people and business alike.
Integrating behavioral science into marketing strategies can help marketers create more successful campaigns. Priming and anchoring techniques can influence perceived product value while social proof can sway consumer decision making processes.
Business psychologists are frequently hired to assist with various issues affecting business performance. While their advice usually falls outside of financial, real estate, or healthcare concerns, rather it focuses on internal factors – like an employee’s mental health or organisational culture – which might impact success for an organisation. Business psychologists provide an unbiased yet scientifically credible viewpoint that can assist with solving issues with wide ranging scope and depth of impact.
Human Resources
Business psychology offers numerous applications for human resources professionals in business settings, from talent recruitment and management to employee morale and organizational development. A master’s degree in this area equips you with versatile knowledge that will allow your company to utilize its employees more efficiently in meeting its goals.
Behavioral science can assist you in determining the ideal length of time to hold meetings or provide feedback, and create work schedules which encourage employees to take breaks on a regular basis, helping both productivity and morale as well as making it easier for staff members to focus on their tasks.
Behavioral science can also assist your business by helping identify key motivators for employees, such as their desire for social acceptance and belonging. Furthermore, behavioral science provides insight into which rewards are more effective than others, giving you the insight to tailor your business practices to be more engaging for employees and improve performance at work.
Decision-Making
Psychology (and specifically social psychology) pervades business on multiple fronts. From shaping consumer purchasing decisions to producing higher performing employees, understanding human psychology can give any organization an edge over its competition.
Business psychologists work with leadership teams to enhance communication and relationships among team members as well as boost morale. This may include running workshops that teach leaders how to use psychological principles to increase employee productivity while creating a positive culture at work.
Business psychologists may also be employed to identify internal factors affecting company performance. While coaches offer tools to assist leaders and teams, business psychologists are able to look deeper for any underlying problems within the organization. A “coach plus” approach can be extremely effective in helping to resolve difficult, long-standing issues within an organization, leading to improved morale, productivity and ultimately an improved bottom line. Behavioral science has become an invaluable asset to businesses seeking to provide an excellent customer experience. One such telecommunications provider found that asking customers to schedule field service visits at specific times reduced customer complaints about poor service, according to McKinsey.