Psychology and Business: Good Partnership
View(s):Dr. Janet LeValley
Dean – School of Psychology
Colombo Institute of Research and Psychology
Psychology brings several characteristic associations to mind, for most people. The image of Sigmund Freud, leaning back with a cigar; the image of a hypnotist’s swinging gold pocket watch; images of drug addicts or those with a mental disorder; a crime investigation; or even the weird family next door are all images that might come to mind. The popular conception of Psychology brings up images of a disordered mind and efforts of mind-reading, eccentric sorcerers to intervene through treatment. But that is only one small corner of what is a vast field.
Aspects of Psychology, such as dramatherapy and life coaching, for example, have deep roots in the healing rituals and horoscope consultations of traditional Sri Lankan culture, Psychology, as a formal, scholarly discipline, however, is a relatively recent development in Sri Lanka, one that is rapidly extending its beneficial influence into education, tourism, public policy, the justice system, mental health and emotional wellbeing. One of the most critical areas of application is Business.
Psychology is the scientific study of human behaviour and mental processes, which is obviously deeply relevant to the organizational environment, production variables, advertising, human resources, marketing, leadership dynamics, cross-cultural interaction, and effective teamwork in any workplace or customer base. There is enormously helpful, scientific research, in Psychology, on topics which support successful businesses: communication, creativity, self-image, social influence, styles of authority, perception, social negotiation, assimilation, personality types, leadership traits, body language, motivation, altruistic behavior, developing and sustaining relationships, handling and confronting power and marginalization, group dynamics, decision-making, memory, awareness, psychological and production outcomes of environmental lighting, color, sound, materials, arrangement, toxic leadership, and a host of other specialties.
These provide the keys to business profit and cut short the business strategy learning curve. The goal of science is prediction, and the science of Psychology removes much of the costly guesswork from business and gives reliable tools for prediction. Donald Trump, insists that modern business and psychology go hand in hand. Lee Iacoca notes that people, product, and profit are the business essentials and that if you don’t have a good team, then the other two are not very useful. Psychology is the key to building and maintaining a good team.
Much of the research has been done in the West, where scientific research findings support Western-based businesses. Recognizing that Western findings cannot be blindly accepted as culturally universal, however, Asian researchers have recently been making strong contributions to the field of Psychology, particularly Business Psychology. It is imperative that Sri Lanka exert timely leadership in that direction.
The Colombo Institute of Research and Psychology supports Sri Lankan business with its Corporate Consulting branch, which offers corporate training workshops and seminars to local businesses, as well as consultations targeting issues identified as impacting employee performance and organizational production. The Institute, furthermore, supports Sri Lankan business with its academic faculties, which include diplomas in various areas of Psychology, including Organizational Psychology; and degrees in Psychology, both undergraduate and post-graduate. The Bachelor’s degree is offered in Psychology, through affiliation with Hertfordshire University, UK. The MSc is offered in Psychology and in Applied Psychology, in affiliation with Coventry University, UK.
The one-year duration post-graduate degree in Applied Psychology invites students to specialize in a preferred area of interest in which psychological theories and research findings are applied to real world contexts, including, of course, Business. One current student, for example, Mr. Rohan De Silva, is highly experienced in financial markets, and he is writing his thesis on what influences people’s financial investment decisions, relative to behavioural finance.He has plans to expand his research, in the future, as a Ph.D. dissertation. Sri Lanka can only benefit from this sort of business-related effort, as the country moves forward in its trajectory of rapid economic development.
Another contribution that Psychology offers Business is an array of testing options. Psychometric tests, personality tests, projective assessments, etc. which can support successful recruitment and hiring for Human Resources, These are not the silly little introductory tests plastered across the internet, but are well-tested, highly reliable predictors that can save companies a lot of grief over the long-run. Psychology offers a variety of methodological models, as well, such as Grounded Theory, Case Studies, Focus Groups, Experimental and Survey designs that successful businesses find useful for marketing and advertising. As with research findings, it is imperative for psychometric tests and common methodologies to be field-tested in Sri Lanka, so that the Sri Lankan business community is not wearing something designed for an alien shape and function, but has adapted what is most useful and developed it in a culturally suitable direction.
Sri Lanka is jockeying for position as a business leader in Asia and the global community. To be competitive and well-prepared, the Sri Lankan business community must avail itself of the best information, techniques, and expertise available. This involves a thorough understanding, hand-shaking, and interdisciplinary application with the science of Psychology.
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