The area of psychology focused for business is the Organizational Psychology.
Industrial and organizational (I/O) psychologists focus on the behavior of employees in the workplace. They apply psychological principles and research methods to improve the overall work environment, including performance, communication, professional satisfaction and safety.
I/O psychologists apply their scientific research in all types of organizational and workplace settings, such as manufacturing, commercial enterprises, labor unions and health care facilities. The focus of their research ranges from applicant and employee testing and assessment to leadership development, staffing, management, teams, compensation, workplace safety, diversity and work-life balance.
Other I/O psychologists work in research or hold academic positions in colleges and universities. In addition, they are qualified as trainers, facilitators, assessors, coaches and consultants. I/O psychologists may also work directly in an organization’s human resources department, or they may act as independent consultants, called into an organization to solve a particular problem.
The career path to becoming an I/O psychologist begins with a bachelor’s degree in psychology. Opportunities with a bachelor’s degree alone aren’t unheard of, but they are sparse. Most students interested in I/O psychology go on to earn an advanced degree, although they may take time off between degrees to work and gain real world experience.
An I/O psychologist’s salary depends on his or her experience and employer. The starting salary for an I/O specialist with a master’s degree was approximately $65,000 a year, while the starting salary for those with a doctoral degree was approximately $81,000. University professors make approximately $70,000 annually and those in the private sector earn approximately $100,000.
Overall, the median annual salary for I/O psychologists is $80,000. The highest earners can make $250,000 or more each year.
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