Psychological Capital and Beyond

Psychological Capital and Beyond

Psychological Capital and Beyond

Psychological Capital and Beyond

Synopsis

Although there are as many answers to the question of how organizations can gain competitive advantage in today's global economy as there are books and experts, one lesson seems very clear: traditional answers and resources are no longer sufficient. This seminal book offers not only an answer regarding how to gain competitive advantage through people, but also a brand new, untapped human resource - psychological capital, or simply PsyCap. Generated from both the positive-psychology movement and the authors' pioneering work on positive organizational behavior, PsyCap is a rigorous concept: to be included in PsyCap, a given positive construct must be based on theory, research, and valid measurement, must be open to development, and must have measurable performance impact. The positive constructs that have been determined to best meet these PsyCap criteria - efficacy (confidence), hope, optimism, and resiliency - are covered in separate chapters in Psychological Capital and Beyond. Following an exploration of other potential positive constructs such as creativity, wisdom, well-being, flow, humor, gratitude, forgiveness, emotional intelligence, spirituality, authenticity, and courage, the authors summarize the research demonstrating the performance impact of PsyCap. They go on to provide the PsyCap Questionnaire (PCQ) as a measurement tool, and the PsyCapIntervention (PCI) as a development aid. Psychological Capital and Beyond provides theory, research, measurements, and methods of application for psychological capital, a resource that can be developed and sustained for competitive advantage. Each copy includes a complimentary PsyCap online self-assessment.

Excerpt

The major purpose of our first book, Psychological Capital, was to bring the perspective, theories, research, and application of the then-emerging positive psychology field to the workplace. For the first time, we comprehensively defined psychological capital, or simply PsyCap, and provided a theoretical and research foundation, a valid self-report measure, and application suggestions for gaining competitive advantage for individuals, teams, and organizations. The response to our formulation of PsyCap has been overwhelming in terms of the number of academic publications across the broad spectrum of management and psychological journals, and exploding interest in the practice community to apply PsyCap in developing leaders and employees and improving their performance. Literally, there are thousands of research and application projects throughout the globe on PsyCap and its implications for individual, group, and organizational effectiveness.

Our original book came out in 2007 around the same time the global markets were beginning to experience one of the most significant economic downturns and escalations in geopolitical turmoil of the last 100 years. This resulted in rapidly increasing rates of unemployment; job insecurity; too-big-to-fail organizations failing; meltdowns in century-old banks, insurance companies, and automobile manufacturers; and bursting bubbles in the housing and financial markets. The human toll was evidenced by major concerns for decreased well-being, feelings of alienation and helplessness among the chronically unemployed, and a decreasing middle class to varying degrees in all parts of the world.

The aftermath of this “Great Recession” and the accompanying flood of negative news have resulted in many organizational leaders and employees losing hope and confidence and becoming pessimistic in their abilities to remain competitive in their own positions, as well as questioning the sustainable competitiveness for their organizations in the turbulent global environment. And when there seems to be signs that economic fortunes are beginning to turn around, unemployment problems remain, one more indictment is made against a political or industrial leader, and yet another government teeters on defaulting on its loans.

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