Role Of Organisational Psychology As Business Accelerator
Behavioural economics has been instrumental in shaping marketing and business strategies. This has enabled better use of the business opportunities across different market segments. Behavioural economics is psychological study into economic and consumer choices that people make. Companies use such insights for pricing and product branding. People always tend to make decisions that provide them with greatest benefit and satisfaction at optimal cost. Modern-day compensation and benefit also draws from behavioral economics. The post Wuhan virus pandemic has seen the role of behavioral economics becoming more important in crafting a range of benefits for its employees.
Insights from behavioural economics are of help to business decision making. Organization psychology is more focused on the personnel and work-related issues from the business management perspective. It is about how to engage with people internally and externally to accelerate business growth. It studies the choice people make while looking for the opportunities, and why and how they engage with their customer. How they perform on cognitive abilities and impact the brand of an organization. Organization Psychology is thus critical for Human Resource related decision making at impact business growth strategy. One of critical areas of convergence of behavioral economics and organization psychology is the emerging area of alternative employment models and organization structure.
Organisational growth strategies and tactics are increasingly using Organisational Psychology tools and resources to create more sustainable performance interventions. Today the competitive edge of any business is directly proportional to its comparative advantage in terms of talent. The ability of an organization to understand and engage with its people and the community is critical for sustenance of business and economic growth. A lot of serious work on Organisation Psychology is being done at present to understand how factors like cognitive diversity and social intelligence influence life beyond work on organizational capacity and growth. Studies and information have brought to light the strong correlation between, physical health and cognitive ability. Thus, sports and wellness initiatives can be a vital catalyst to enable cognitive ability and social skills to create a more collaborative and positive work environment. Organizational strategy and structure have an important role in the utilization of available resources and how they learn together to perform. An effective organizational behavioural model will enable people to perform effectively whereas an ineffective model may lead to failure and a tendency to blame others.
Research in the field of organizational psychology shows we need to be more focused on talent and ability to work in a multi-ethnic cultural background. Cognitive diversity and ability to collaborate is the key to high performance. The collective intellectual capability and social skills to collaborate create the momentum for performance for business growth. Research shows people in a lot of organizations people spends more effort to be compliant with existing norms and rituals of the old days rather than focusing on change to enables a work environment that enable talent to thrive. Conformity driven organization tend to lose on innovativeness and trust. Organizational development and transformation initiatives can be more qualitative only if we can leverage a certain degree of social and emotional connection that helps to create a more collegial organizational model. A collegial organization enables meaning and purpose at workplace. Use of tools and resources derived from organizational psychology helps build a Quality and Knowledge driven organization that will be enable optimize our own potential and enable others to grow. All development comes from the human mind and the quality of Human Resources is key to business competitiveness. Thus, an organizations collective psychological disposition defines Organization culture.
The Gallup Report 2022 for India shows we are an engagement deficit and lack a collaborative culture. The falling engagement will lead to a negative impact on business competitiveness. Lack of engagement and employee connect lead to fall in trust, productivity and burn out. The 2021-2022 Gallup report show’s a wide gap in the area of engagement and this is impacting our business growth. Prolonged disengagement can lead high rate of attrition. Among the ways to bridge the gap is to change our approach to how we encourage authenticity at work. Organizations in India need make use of organizational tools and resources for creating a long-term collaborative culture and trust among stakeholders. The second area of required course correction is to redefine our approach to motivation. We need to acknowledge that motivation has a high correlation with intellect, social skills, and cognitive ability that provides the intellectual horsepower and capability to accelerate organization to the next orbit of growth.
We need to shift our focus on how the way we learn and connect with others. Research shows we learn and connect the most when we play together – so sports, hobbies, and art can be a great way to fast-track an organization’s collaborative index. This will make us more quality oriented and make our talent and organizations competitive. It would help India’s talent and business realize their potential. India has great opportunity ahead, as world wants to move away from dependency on China. The knowledge driven and people centric organizations can be our growth enablers. The key to growth is how we leverage the strength of each to achieve quality in what we do. All business is driven by people and they meet the needs of people and what can better explain and help solve complexities than the tools and resource’s derived from Organizational psychology.
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