Capital is not just Money
Did you know that there’s a thing called Psychological Capital or PsyCap? PsyCap is a positive psychological state composed of four overlapping components: hope, efficacy, resilience and optimism (HERO).
The bulk of the research on PsyCap has focused on organizational settings. These studies show that having PsyCap correlates with well-being (Murray et al 2010) and positive job performance (Luthans et al 2008), among other beneficial outcomes for employees such as decreasing burnout among nurses (Bitmis and Ergeneli 2015). As a result, PsyCap has been integrated into positive leadership development (Youssef-Morgan and Luthans, 2013).
A recent study in the Journal of Positive Psychology reports that PsyCap also influences motivation in academic settings (Alfonso et al 2018). PsyCap was found to predict greater academic engagement and achievement, in part through increasing students’ autonomous motivation (that is, motivation that stems from engaging in personally meaningful and satisfying actions).
PsyCap is being applied to other domains, such as Relationship PsyCap and Health PsyCap (Luthans et al 2013). Check out other applications ….
In 2015, the University of Wollongong in Australia opened its first “positive dorms,” Kooloobong Village, a residence for students that addresses not only their educational needs, but also their social and psychological needs using the science of positive psychology. Resources at the residence supply the “Wheel of Wellbeing - Body, Mind, Spirit, People, Place and Planet.” The Village and its Live Out Loud Program has received international attention as a model of holistic university residency and has received the Australian College of Educators’ Outstanding Achievement in Education award.
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