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Read our guide to what business psychology is and why it's important for the success of organisations.
The impact of psychology in business can’t be overstated – it impacts virtually every aspect of organisations in some way and can define their success or failure.
What is business psychology?
Essentially, business psychology (also known as occupational psychology) is the study of human behaviour (psychology) in the context of business practices. The aim of business psychology is to improve or enhance the efficiency, effectiveness, and workplace cultures of organisations.
Business psychology merges multidisciplinary business studies with the latest psychological and neuroscientific research, exploring the human behavioural aspects of business areas such as marketing, finance, management, economics and human resources.
Why is business psychology important? Because the underlying success of a business relies upon humans – a productive and motivated workforce, strong relationships and positive interactions among staff and external stakeholders, and successful communication with customers.
How is business psychology used in businesses?
Humans are at the core of a business’s success. To be successful in business, leaders globally understand this fundamental principle and therefore leverage business psychology to build strong employee and customer relationships and gain a competitive advantage in the marketplace.
Business psychology can be applied to virtually any aspect of a business to help boost organisational success. Here are some of the ways business psychology can be used in business:
- Marketing – business psychology helps marketers better understand customer behaviours and develop more compelling communications and marketing campaigns to reach and convert their customers.
- Human resources – business psychology helps human resource managers and professionals identify high-quality job candidates through various behavioural science and psychological assessment methods, as well as utilise appropriate coaching techniques to motivate, develop and retain staff.
- Change management – change can be difficult for many people. Business psychology helps organisations to anticipate, address and mitigate workforce issues that may arise from organisational change.
- Workplace culture – having a strong and clear workforce culture in place that supports, motivates and brings out the best in people is a crucial part of an organisation’s success and growth. Business psychology can help organisations to develop and refine their workplace cultures to ensure they’re able to attract and retain a productive and motivated workforce.
- Leadership – business leaders can harness psychology tools, principles and techniques to develop processes and strategies that encourage innovation and productivity and drive business growth.
How can an MSc Psychology help you understand business psychology?
An MSc Psychology will help you master the knowledge and skills you need to effectively harness the power of human behaviour to drive positive business outcomes.
You’ll learn how to study a person’s mind, behaviour and motivations by examining their cultural environment, upbringing, mental processes, and personality.
You’ll also understand how to apply your MSc Psychology learnings to effectively lead employees and organisations to success.
If you want to further explore how you can apply psychology principles to drive business success, the University of Portsmouth offers a part-time online MSc Psychology that will empower you with the skills and knowledge you need to advance your career:
