Why Is Psychological Capital Important for Employees, Organisation, Government and Community - Management Assignment Help

Assignment Task

Overview 
To understand the depth and breadth of evidence about the impact of psychological capital on employee outcomes.
To develop a basis for ensuring the organisational support is in place to enhance employees’ PsyCap.

“an individual’s positive psychological state of development and is characterised by: 
having coOverview nfidence (self-efficacy) to take on and put in the necessary effort to succeed at challenging tasks; 
making a positive attribution (optimism) about succeeding now and in the future; 
persevering towards goals and, when necessary, redirecting paths to goals (hope) in order to succeed; and  when beset by problems and adversity, sustaining and bouncing back and even beyond (resilience) to attain success” 

When PsyCap is high: (a) the organisation benefits because it is associated with increased employee performance and  reduced turnover intentions, (b) the government benefits from reduced worker’s compensation claims and (c) the community benefits from reduced cost of stress-related illnesses (Avey et al. 2009). 

Price Waterhouse Coopers (2015) compared the turnover rate of employees in their first year in Australia and found that it had the highest turnover rate (23%) of 11 developed countries. 
They estimated the cost of turnover to be $3.8 billion in lost productivity and $385 million in avoidable recruitment costs; hence, reducing turnover would save businesses significant funds. 
 

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