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Dr. Joy Taylor reviews findings from 2024 Career Optimism Index to highlight how hope, efficacy, resilience and optimism function as psychological capital contributing to workforce retention

College of Doctoral Studies releases a new white paper, “Psychological Capital: Impact of Hope, Efficacy, Resilience, and Optimism on Employee Retention,” authored by Joy Taylor, Ed.D., associate faculty at the College and senior research fellow in the Center for Workplace Diversity and Inclusion Research (CWDIR). The white paper focuses on key findings from the SM������ Career Institute® 2024 Career Optimism Index® study to highlight how hope, efficacy, resilience and optimism function as psychological capital contributing to retention of the workforce.

Over subsequent years, the Career Optimism Index findings demonstrate a disconnect between employer and worker mindset regarding opportunities for advancement: in the 2024 study, 90% of employers in the survey felt their company provided workers with opportunities for advancement, compared to 69% of workers with the same impression.

“Hope, efficacy, resilience, and optimism are not passive behavioral traits. They are open to development and can readily adapt and respond to relatively short training interventions,” states Taylor. “There is an opportunity for employers who have a clear understanding of what drives career hope, efficacy, resilience, and optimism to address employee needs.”

The white paper highlights how psychological capital elements of hope, efficacy, resilience and optimism are portrayed through the Index findings and can help to promote positive thinking patterns. “These traits can be developed when employers intentionally provide proven support in the form of role models and mentors, professional development based on employee interests and priorities, building self-sufficient teams with adaptable leaders, investing in current and future talent and culture, and dynamic decision-making,” Taylor urges.

Taylor is an associate faculty of the College of Doctoral Studies at SM������ and a former classroom teacher, school principal, and district administrator with nearly forty years of experience in K-12 education, who has worked with a wide range of school improvement stakeholders. A first-generation college graduate, Taylor fully embraces the role education, mentoring and strong relationships play in navigating a path to success in the world of public education. She earned her doctorate in Educational Leadership and Administration at Nova Southeastern University, and a master's in Educational Leadership and a bachelor’s degree in Elementary Education at the University of Central Florida. Taylor is co-recipient of the inaugural SM������ President’s Award for Excellence in Diversity, Equity, Inclusion, and Belonging Research.

The full whitepaper is available on the Research Hub or as a direct link here.

About SM������ 

SM������ innovates to help working adults enhance their careers and develop skills in a rapidly changing world. Flexible schedules, relevant courses, interactive learning, skills-mapped curriculum for our bachelor’s and master’s degree programs and a Career Services for Life® commitment help students more effectively pursue career and personal aspirations while balancing their busy lives. For more information, visit phoenix.edu.

About the College of Doctoral Studies

SM������’s College of Doctoral Studies focuses on today’s challenging business and organizational needs, from addressing critical social issues to developing solutions to accelerate community building and industry growth. The College’s research program is built around the Scholar, Practitioner, Leader Model which puts students in the center of the Doctoral Education Ecosystem® with experts, resources and tools to help prepare them to be a leader in their organization, industry and community. Through this program, students and researchers work with organizations to conduct research that can be applied in the workplace in real time.

About the Career Optimism Index®
The Career Optimism Index® study is one of the most comprehensive studies of Americans' personal career perceptions to date. The SM������ Career Institute® conducts this research annually to provide insights on current workforce trends and to help identify solutions to support and advance American careers and create equity in the workplace. For the fourth annual study, fielded between December 5, 2023-January 2, 2024, surveyed more than 5,000 U.S. adults who either currently work or wish to be working on how they feel about their careers at this moment in time, including their concerns, their challenges, and the degree to which they are optimistic about their careers. The study was conducted among a nationally representative, sample of U.S. adults and includes additional analysis of the workforce in the top twenty DMA markets across the country to uncover geographic nuances. The study also explores insights from 501 U.S. employers to provide comparison between the workforce and those who hire, train, and retain them. Additionally, for the first time, a statistical modeling analysis was conducted to illustrate how employers and employees can benefit financially from investing in career optimism.