Abstract

Egyptian Fin-Tech companies are enhancing their Psychological Capital to maintain a competitive edge and ensure stability. Retaining skilled employees is crucial for organizational stability. However, the limited availability of proficient experts in the Fin-Tech sector presents a significant barrier. Employees with a thorough understanding of their Psychological Capital and effective management skills can positively impact their performance, ensuring a competitive edge in the industry. Research Objective and Aim: This study aims to investigate the relationship between Psychological Capital and Employees' Performance in Egyptian Fin-Tech companies, taking into account the mediating influence of Talent Management due to its importance. Research Methodology: The study embraces the positivist philosophy and employs a deductive technique. Employing a quantitative research approach with a survey methodology, the study focused on a sample of 384 individuals employed in Egyptian Fin-Tech companies. Results: A clear and discernible positive connection and impact of Psychological Capital on Employee Performance, Psychological Capital on Talent Management, and Talent Management on Employee Performance can be observed. Psychological Capital eventually improves Employee Performance through Talent Management. Recommendations: A study in Egypt found that high Psychological Capital in Fin-Tech companies leads to increased job satisfaction and performance. This suggests the importance of developing an adaptive workforce, involving managers and talent management specialists in effective communication and recruitment. The study also underscores the need for fostering a positive corporate culture, enhancing employees' time management skills, and addressing negative attitudes. Limitations and Future Work: The study's limitations encompass administrative obstacles and a restricted target population. Subsequent studies should broaden their scope beyond Fin-Tech and encompass additional industries, including banking, healthcare, and tourism, to gain a more comprehensive understanding of how Psychological Capital affects Employee Performance and talent management.

1. Introduction

Management plays a crucial role in increasing performance by establishing goal alignment, which is supported by strategic management and goal-setting theories. This approach motivates employees to achieve specific, attainable goals, leading to higher performance. Goal alignment communicates the importance of the organization's strategic goals to employees, ensuring employee-level activities align with desired outcomes ¹.

Individual Employee Performance on the job impacts an organization's overall success, and organizational assistance is recognized as a key tool for improving work performance at the organizational level ². The issue in question has been personified by writers and scholars who have effectively crystallized a multitude of concepts that hold relevance across various aspects of human existence, particularly in efforts directed toward the establishment of a knowledge-driven economy. The foundation of this economy mostly consists of intangible assets, with Psychological Capital being the most important among them. In recent times, Psychological Capital has gained recognition as a distinct competitive mechanism ³.

The scholarly investigation of organizational behavior and Psychological Capital has had a significant surge in recent years. According to ⁴, positive organizational behavior research pertains to the examination and implementation of human resource strengths and psychological capacities that are oriented towards positivity. These aspects can be quantified, enhanced, and efficiently controlled to enhance performance. Psychological Capital has been identified as a beneficial factor for human resource management due to several reasons, such as enhancing work-life balance, job satisfaction, organizational commitment, and reducing employee intention to leave ⁵.

Furthermore, talent management is a proactive strategy aimed at enhancing career opportunities, internal mobility, and job quality, making it essential for the cultivation and identification of fresh, proficient individuals within the workforce. Sung and Choi argue that it is essential for organizations to strategically design and execute human resource development strategies to enhance individual capabilities, enabling employees to effectively perform their tasks and meet performance benchmarks. This aligns with the research conducted by Swanson and Holton, which argues that the implementation of human resource development methods enhances employee competency and contributes to organizational success as mentioned by ⁶.

This study aims to examine the relationship between Psychological Capital and Employee Performance in Egyptian Fin-Tech companies, with a specific focus on the mediating role of Talent Management. Numerous scholars have researched the influence of Psychological Capital on business performance and Employee Performance in the workplace. Therefore, this research seeks to explore the direct impact of Psychological Capital on Employee Performance within the context of Egyptian Fin-Tech companies, taking into consideration the potential mediation of Talent Management [7-9] ⁷.

This study looks at the barriers put in place by Egypt's Central Bank to prevent the country's Fin-Tech sector from growing. The lack of skilled workers and talent is one of the main problems in this situation. There is a mix of extraordinary talent and inadequate qualifications in the labor force. As a result, a comprehensive study was carried out to give companies an understanding of the possible causes of key personnel leaving their employment in a cutthroat industry, as well as the influence of Psychological Capital on worker productivity [8-10] ⁸.

An examination of earlier studies indicates that there is variation across the fields of application, but there is a lack and insufficiency in addressing the Fin-Tech enterprises ^{11 12}. Thus, the research gap is as follows:

• There is a shortage of research on Fin-Tech businesses in Egypt.

• There is a lack of research on Psychological Capital and its influence on Employee Performance and Talent Management in Egyptian companies.

Hence, the present study aims to rectify this deficit by investigating the relationship between Psychological Capital and Employee Performance in Egyptian Fin-Tech companies, with a particular emphasis on the mediating influence of Talent Management.

The main objective of this research is to study and test the effects and the relationships of the variables identified:

• Investigate the potential correlation between Psychological Capital and Employee Performance.

• Measuring the level of Psychological Capital for the companies under study, and its impact on Talent management to develop the employees' creativity, and innovation skills, which will positively reflect on the organizational success.

• Determine the impact of Talent Management as a modern approach to Human Resources management.

• Assessing the awareness and interest of senior management of companies under study in the Psychological Capital of their employees, and its role in organizational success to implement.

1. What is the nature of Psychological Capital?

2. What are the factors affecting Employees' performance?

3. To what extent does Psychological Capital affect Employees' Performance?

4. What is the relationship between Talent Management, Psychological Capital, and Employees' Performance in Egyptian Fin-Tech companies?

The study is important from both academic and practical perspectives owing to examining the relationship between Psychological Capital and Employee Performance in Egyptian Fin-Tech companies, with a specific focus on the mediating role of Talent Management. Numerous scholars have researched the influence of Psychological Capital on business performance and Employee Performance in the workplace. Therefore, this research seeks to:

• Explore the direct impact of Psychological Capital on Employee Performance within the context of Egyptian Fin-Tech companies

• Evaluating the level of understanding and engagement among senior management of the organizations being studied regarding the Psychological Capital of their personnel, and its impact on organizational success for implementation purposes.

• Assessing the degree of support from top-level executives in fostering the development of their talent pool, as well as evaluating the efficacy and efficiency of this process in the organizations being examined.

• Assessing the degree of Psychological Capital in the organizations being examined, and recognizing its significance concerning talent management for enhancing employees' creative and innovative abilities, hence leading to beneficial outcomes for the organization.

Suggesting a collection of conclusions and suggestions to enhance the effectiveness and efficiency of Talent management in the studied companies, raise their understanding of employees' Psychological Capital and its significance for implementation, and clear the way for future research.

2. Literature Review

The concept of Psychological Capital came into sharper focus in late 1980 when American psychologist Martin Seligman talked about how important it is to focus on people's strengths rather than their weaknesses. If society places more emphasis on people's positive traits and feelings, it will fulfill people's needs for success and happiness on a human level. It also demonstrates how to take advantage of opportunities rather than look for threats, enhance people's capabilities rather than face obstacles, and exploit people's strengths instead of looking for weaknesses ¹³.

Beginning in 1998, Psychological Capital was introduced and was recognized by academic literature in the first wave of Positive Psychology 1.0 (PP1.0) and the second wave of Positive Psychology 2.0 (PP2.0). This led to a variety of researchers investigating the underlying issues in people that result in mental illness or dysfunctional behavior. Additionally, the field of positive psychology advanced to concentrate on what makes a person's life worthwhile and how to make it better. Then, as research on PP2.0 becomes more scientific, more interdisciplinary approaches have emerged. One such approach is Positive Organizational Behavior, which has as its central construct Psychological Capital (Hope, Efficacy, Resilience, and Optimism) ¹⁴.

Psychological Capital refers to a positive psychological growth state, while psychology is a disciplined science that analyzes mental and behavioral processes. Psychologists, who may be social, behavioral, or cognitive scientists, study psychology to understand individuals and organizations by focusing on personal principles and evaluating specific examples ¹⁵.

Given that humans are the primary source of competitive advantage for firms that make a genuine difference in global marketplaces, organizations should redirect their capital investments toward attaining a competitive edge through people. The challenge for businesses is not just to locate creative sources of talent, but also to create inventive ways to leverage and enhance this human, social, and psychological qualification of human resources to maintain a sustainable competitive advantage. Psychological Capital is a higher-order positive construct comprised of the four-facet constructs of self-efficacy/confidence, optimism, hope, and resiliency, as demonstrated by the authors' thorough definition ¹⁶.

The ability of an organization to engage in the psychological and physical aspects of human resource participation is one of the key components of organizational success. This will give the organization a competitive advantage. It has also been linked to the growing significance of employee work-life quality, as people's expectations for self-realization and self-development are linked to their work-life ¹⁷. Businesses can evaluate employees' Psychological Capital to identify those who are likely to succeed in specific situations or jobs, now that there is a real and accurate measure of Psychological Capital. The level of an employee's Psychological Capital may be a crucial factor in determining whether or not they are considered for difficult, unclear, complex, or crisis-oriented assignments since it might shield workers from the potential stress involved with such assignments ¹⁸.

As Luthans pointed out, well-managed positive Psychological Capital will result in setting the benchmarks for long-term business performance and universal competitive advantages. To translate these patterns of behavior into productivity in today's fast-globalizing environment, businesses should focus on the positive behaviors of their employees. Managers and company owners can improve employee well-being by offering a positive outlook in addition to their degree of overall and individual well-being with job satisfaction and drive to create and develop Psychological Capital. However, because it allows people to grow and develop, Psychological Capital can help people construct success. In other words, these investigations and analyses support the notion that positive conceptions are stable on a continuum ¹⁹.

Based on what was discussed in the previous section, self-efficacy, hope, optimism, and resiliency will be used as Psychological Capital dimensions in this research and defined in the following section, and their impact on Employee Performance will be discussed as part of the organization's overall performance to achieve its objectives for profitability.

Although self-efficacy is defined as the person's struggle to achieve his or her primary objective despite having a strong belief in their interpersonal skills, it is also influenced and influenced by the person's successful and unsuccessful experiences. Given that pleasant experiences have a favorable impact on self-efficacy, Ramin concurred, saying that having a high sense of self-efficacy also contributes to good performance at work. A person's self-perception in a certain area directly affects his or her capacity to overcome barriers and strive toward his or her objectives ²⁰.

People’s self-efficacy moderates their cognitive, affective, and motivational actions. It also determines how much effort and perseverance a person will put in to achieve the goals in the face of adversity (Dharmendra Kumar, et al., 2022). Self-efficacy is described as a person's belief in his or her own ability and capacity to do a given task successfully. It is clear that for today's businesses to thrive, employees must embrace the objective of producing high performance ²¹.

It has been determined that self-efficacy is a personal quality that is context-specific and grows through life experience, whereas optimism is comparatively situation and time-constant ²⁰. Optimism is defined as a broad expectation of favorable outcomes. It can also relate to successful projections and happy experiences for the present and future. People can now reduce their stress levels and live simpler lives because of this ²².

Optimism is another component of Psychological Capital that acts as a motivator by establishing confidence in the likelihood of pleasant outcomes. Intrapreneurs, on average, have a high dispositional optimism, which means they expect positive outcomes while having no intellectual justification ²¹

Hope can be defined as the predicted ability to derive pathways to desired goals and encourage oneself to use those pathways through agency thinking. The hope theory-derived adult and child hope scales are described. Hope theory is contrasted with taught optimism, optimism, self-efficacy, and self-esteem theories ²³.

In addition to its apparent applications in clinical psychology and medicine, Hope has been shown in recent years to have a favorable effect on both academic and athletic performance. There is proof that a person's sense of hope is correlated with positive affect, perceived control, and goal expectations ^{24 25}. Hope, like optimism, is often seen as a dispositional personality trait that can be developed over time through training interventions ¹⁷.

People who possess resilience, defined as the ability to overcome adversity or a discouraging process, can see challenging situations with hope. Luthans gave an example of how adaptive people can get better despite adversity ¹⁶. Because resilience has a reactionary element that influences how people react to certain life circumstances, psychological resiliency can be defined as the ability to rebound and keep focus on objectives and success ¹⁷.

Resilience differs from the other three capacities in that it is reactive rather than proactive. Resilience allows a person to frame an incident in such a way that he or she reacts favorably, returning to even higher levels of well-being than before. Individuals, for example, find a way to interpret trials and losses as contributions to their growth and achievement ^{4 26}.

Psychological Capital is a crucial factor in enhancing job performance. It is measurable, developable, and integrable, and individuals must constantly battle and resist adversity to improve it. Hopeful individuals are more capable and determined to face problems, while self-assured individuals can easily adapt and transfer their optimistic perspectives. The current research aims to update the core construct of Psychological Capital's impact on job performance using an exploratory study that found a significant relationship between employees' Psychological Capital and performance outcomes. This positive approach to managing human resources for long-term sustainability and competitive advantage is essential ²⁷.

The purpose of the current research is to determine if the now more refined core construct of Psychological Capital's impact on job performance can be updated and better understood using the results of an exploratory study conducted a few years ago that found a significant relationship between employees' Psychological Capital and their performance outcomes as a point of departure.

Job performance is the most extensively researched topic in the human resource and organizational behavior literature. Employee Performance is a measure of an organization's efficiency and productivity; Employee Performance contributes considerably to the long-term success and profitability of the organization. Employee Performance demonstrates employees' financial or nonfinancial outcomes that are directly related to the organization's performance and success ²⁸.

Employee Performance has been studied in a variety of contexts, disciplines, and cultures for decades to understand the behaviors, concepts, and resources that encourage performance. Discovering and combining literature on performance-enhancing habits and characteristics will enable firms to capitalize on, exploit, and invest in their employees' physical, cognitive, and emotional capacities ²⁹

A firm's performance can be successful or unsuccessful from a strategic standpoint. The achievement of goals and objectives, as well as the firm's financial performance, can be regarded as firm success. It has at least two important dimensions: 1) short-term versus long-term success; and 2) financial versus non-financial success; examples of the former include personnel count, survival, profit, sales growth, and ROI. A firm failing can be described in a variety of ways, including death, bankruptcy, discontinuance, ceasing to trade, insolvency, liquidation, deregistration, closure, and exit ³⁰.

Employee Performance refers to the quality and quantity of employees' work in relation to the tasks assigned by an organization. It encompasses the outcomes achieved by employees, whether for profit or not, over a specific time period. The focus is on whether the ideal work aligns with organizational demands. However, some argue that Psychological Capital has little effect on organizational personnel performance ³¹.

Individual job performance can be classified into three aspects, according to ³²: task performance, contextual performance, and counterproductive work behavior. Contextual performance is described as behaviors that support the context in which the organization's technological core functions operate. Organizational settings are classified as organizational, social, and psychological. Counterproductive work behavior refers to acts that jeopardize the well-being of the organization ³³.

Task performance is the skill (i.e., competency) with which a person performs necessary job activities. Other phrases that might be used to describe task performance include technical proficiency, in-role performance, and job-specific task competence. It involves, for example, job quantity, job quality, and job ³³. In another words, Task performance refers to acts that are part of the organization's formal obligations and incentive structure, and it denotes behaviors that contribute to the fundamental duties and responsibilities. It also refers to the requirements defined and mentioned in an employee's job description ³⁴.

Task performance, according to Sabine, is multidimensional in and of itself. Five of Campbell's eight performance components pertain to task performance: (1) job-specific task proficiency, (2) non-job-specific task proficiency, (3) written and oral communication proficiency, (4) supervision (in the case of a supervisory or leadership position), and, to a lesser extent, (5) management/administration. She went on to say that each of these elements is made up of multiple subfactors that vary depending on the vocation ³⁵.

Contextual performance refers to individual behaviors that support the organizational, social, and psychological environment in which the technological core must work ³⁶. This dimension is known by several titles, such as extra-role performance, interpersonal interactions, organizational citizenship conduct, taking on extra work, exhibiting initiative, or mentoring new hires as recorded by ³².

Organization citizenship behavior, which is characterized by employee identification with their organization, kindness toward coworkers, conscientiousness, social harmony, and safeguarding organization resources, is a component of contextual Employee Performance ²⁸.

Contextual performance is the term used to describe employee behavior that is more closely related to the accomplishment of organizational objectives than it is to the core duties of the position. This kind of activity is also known as organizational citizenship behavior (Hoffman and Dichert, 2012) by ³⁷.

Five areas of contextual performance were recognized by Borman and Motowidl, as was covered by ³⁸, ²⁸These include: (a) offering to perform tasks that are not officially assigned; (b) persevering with extra zeal when needed to successfully complete one's own tasks; (c) assisting and collaborating with others; (d) adhering to organizational policies and procedures even when doing so is personally inconvenient; and (e) endorsing, defending, and endorsing organizational objectives.

According to ³⁶, counterproductive performance defies organizational norms, jeopardizes the interests of the organization, and obstructs the accomplishment of organizational objectives. Because it is costly and common, it should therefore be avoided. For example, employees may become less engaged in their work and perform worse, as well as engage in counterproductive behavior, because they believe their jobs are in danger due to perceived pandemic threats, according to recent research on the negative effects of COVID-19 on the workplace.

Counterproductive work conduct refers to the deliberate actions of employees that could have a detrimental effect on the organization, its members, or both. Previous definitions of counterproductive work behavior may lead the researcher to the conclusion that it can take many different forms and is a deliberate activity that is detrimental to the employee as well as the business ³⁹.

Counterproductive work behavior is a problem for businesses as well as individuals alike. Along with increased expenses and a general decrease in effectiveness, these negative consequences also include a drop in worker productivity, demeanor, and performance. Because worker productivity is a crucial factor in determining a company's performance, employees who participate in counterproductive work behavior may hinder it from achieving its goals ⁴⁰.

According to ³⁸ Task and contextual performance are ideas that are intersected by the three themes that were discussed in relation to previous discussions regarding significant components of performance behavior. While contextual performance is usually optional, task performance is mandated by the function. Task performance falls short of capturing the helpful and cooperative aspects of prosocial organizational behavior, organizational spontaneity, and organizational citizenship behavior.

According to ³⁶, employees need to be able to perform well in a continually changing work environment, which requires them to be adaptable. Adaptive performance is a component of job performance that cannot be easily categorized since it is seen as significant in both task and contextual performance ⁴¹.

Job performance is defined as observable activity that may be assessed in terms of an individual's competence or contribution ⁴². Adaptive performance refers to the capacity to effectively respond and adapt to changes in job activities, demonstrating adaptability and versatility. Adaptive performance refers to individuals' capacity to effectively adapt to changes in their environment, which can be cultivated ⁴³.

According to ⁴⁴, adaptive performance refers to the ability of an individual to effectively adjust their conduct to meet the requirements of the surrounding environment, an occurrence, or a novel situation. Flourishing refers to the state of an individual experiencing both learning and energy in their profession, which is a psychological condition. In the dynamic and rapidly changing work environment, the qualities of being proactive, innovative, and taking initiative have all combined to create a flexible and adaptive performance ⁴⁵.

The emergence of talent management as a concept may be traced back to the year 1990, during which there was a notable shift in the primary responsibilities of human resources. This movement involved a transition from basic administrative processing tasks to more intricate configuration and machine-based planning roles. The emergence of this phenomenon coincided with the development of corporate human resources and training, as noted by ⁴⁶. The concept of talent management was initially introduced by Hankin McKinsey & Company in 1997, and it garnered widespread attention through the publication of the book "The New War For Talent" by McKinsey in 2015 ( ⁴⁷. The significance of talent management in the corporate realm stems from the perception of human resources (HR) as a valuable asset.

Several novel viewpoints have surfaced in the existing body of literature. The initial point of contention revolves around the question of whether talent management inside an organization should adopt a holistic approach, encompassing all employees, or a narrower approach that focuses just on individuals identified as "talents". The second question pertains to the nature of talent, namely whether it is innate or acquired via learning. The third question focuses on the conceptualization of talent as either an object or a subject. Finally, a contentious issue arises about the classification of talent as either an input or an output. The aforementioned conflicts possess significant consequences for the management of people within an organizational context. Acquiring a comprehensive awareness of these implications enables managers to effectively navigate and make informed decisions ³⁶.

Scholars exhibit diversity in their demonstration of varied perspectives while identifying talent management solutions. Armstrong and Taylor extensively examined several dimensions of talent management. According to ⁴⁸, gifted individuals can be effectively managed through the implementation of comprehensive and practical approaches that encompass attraction, retention, motivation, and development. In her study on the effects of Talent Management practices on employee satisfaction and commitment in the Saudi Arabian oil and gas industry, Amal Alanazi constructed a Talent Management framework comprising Talent attraction, Talent identification, Talent Development, and Talent Retention ⁴⁹.

The global scarcity of skilled workers has presented numerous challenges for employers in their efforts to secure suitable candidates for critical roles. The phrase "the war for talent" has gained increasing use in recent years as a means of addressing the challenges associated with talent retention. Prior to delving into the challenges associated with talent retention, it is imperative to first acknowledge and overcome the obstacles encountered in talent attraction. According to ⁴¹, talent acquisition poses a greater level of difficulty compared to the other challenge.

The presence of a tight labor market confers advantages upon highly trained workers, as it affords them a plethora of job prospects, notably within professional organizations, information-based enterprises, knowledge-intensive industries, technical sectors, and service-oriented corporations ⁵⁰.

Ensuring optimal Employee Performance necessitates the alignment of individuals with suitable positions. This can be achieved through the implementation of effective talent acquisition strategies, which facilitate the prompt and comprehensive identification of each employee's potential. Consequently, such practices enhance the performance of individuals within the organization ⁴⁶.

The implementation of diverse activities aimed at developing talent is recognized as an effective strategy for enhancing staff retention, hence bolstering an organization's competitive advantage and overall worth ⁴⁹. According to the research conducted by the Corporate Leadership Council, it has been determined that employee engagement is greatly influenced by development planning. Managers have the potential to significantly enhance employee engagement by formulating an effective and challenging development plan that allows sufficient time for completion. Furthermore, leaders must foster professional growth among all employees, with a special focus on individuals who possess strategic potential ⁵¹.

Talent development, as defined by ⁵⁰, refers to the systematic implementation of development strategies aimed at effectively managing and nurturing the talent pool within an organization. The primary objective of talent development is to ensure that the organization possesses the requisite present and future talent to successfully accomplish its strategic objectives, while also ensuring that development initiatives are aligned with the overall talent management process of the organization. Another perspective has been presented by ⁶ that, according to Leibowitz et al. (1986), career development is a systematic and structured effort to achieve a harmonious alignment between an individual's career aspirations and the workforce demands of an organization.

The objective of talent retention is to determine the most effective approach to motivate an individual to sustain a relationship with an organization for an extended duration ⁵². One talent management technique that has a significant impact on Employee Performance is talent retention. According to ⁵⁰, prioritizing retention management, which involves retaining existing employees, is more important than prioritizing the recruitment of new employees who may not contribute to resolving the company's challenges.

According ⁵⁵, talent retention is identified as a critical component of the talent management process. It has significantly contributed to enhancing the long-term viability of business operations. According to their research findings, firms face a significant issue in retaining highly sought-after personnel within the industry. For instance, it was claimed that an average of 34% of workers in Brazil annually quit their current positions to pursue employment opportunities with alternative companies. Employee retention is a multifaceted strategy due to the persistent competition for highly skilled personnel. Talent retention refers to an organization's ability to retain its workforce, as defined by ⁴⁶.

The scholarly literature lacks comprehensive coverage of the explicit correlation between talent management and talent retention, despite the latter being a fundamental aspect of the former. Employee retention is a prevailing concern for contemporary firms, as they recognize its significance in cultivating a competitive workforce ⁵².

The results of two studies that examined the relationship between Chinese workers' positive states and overall Psychological Capital and their performance revealed that the positive Psychological Capital core factor, which included all three states (hope, optimism, and resiliency), had a relatively higher and significant relationship with rated performance. The study investigates the association between positive Psychological Capital and performance in Chinese workers. It discovered a link between optimism, resiliency, and overall Psychological Capital. Although the correlational data cannot clearly determine whether these states affected performance, preliminary empirical evidence suggests that these positive organizational behavior states are connected with positive performance outcomes ^{54 55}.

The second study sought to perform a follow-up investigation into the potentially significant function that positive Psychological Capital may play in Chinese human resource management. Positive psychological capita does appear to be a strong and unique predictor of Employee Performance, as indicated in this sample, which comprised workers from both state-owned and private firms, and as discovered in an earlier exploratory study ⁵⁶ For example, while work experience was found to be a significant predictor of performance, adding Psychological Capital to the model significantly increased the amount of variance explained in the performance outcome, even though work experience remained a significant independent variable ⁵⁶.

From another deeper side, Cheng-Yi Luo focused on studying the impact of Psychological Capital on Adaptive Performance in hotel employees, revealing that high levels of Psychological Capital increase job engagement and help employees handle emergencies, problem-solving, and problem-solving. Organizational preparedness also improves employees' readiness to change, interpersonal relationships, intercultural adaptation, and acquisition of new information and abilities. Hotels can prevent psychological pain by anticipating change readiness, enabling employees to acquire new knowledge and managing interpersonal relationships. Change readiness is a vital mediator in how Psychological Capital influences adaptive performance ⁴³.

Another study examines the relationship between nurses' job performance and organizational support from the perspectives of Psychological Capital and organizational identity, involving 21 public hospitals in western, southern, eastern, and northern China. in addition to the convenience sample method. Prior to conducting the survey, the research team communicated with nursing managers at hospitals located in different parts of China. The findings demonstrated the critical role that Psychological Capital plays in job performance, and managers need to be cognizant of how nurses' Psychological Capital and organizational identification are evolving. It is possible for managers to improve job performance and cultivate a positive work environment in healthcare facilities by fortifying their organizational support. This study emphasizes how crucial it is to comprehend these elements and take appropriate action to enhance job performance ².

Bongani Ngwenya, a Zimbabwean, developed a study to examine the impact of Psychological Capital on employee engagement, satisfaction with work, and Employee Performance in manufacturing sector businesses. According to the findings, Psychological Capital has a strong beneficial influence on employee engagement, job satisfaction, and Employee Performance. Employee engagement has a considerable beneficial influence on Employee Performance and acts as a buffer between Psychological Capital and Employee Performance. While job satisfaction has a beneficial impact on Employee Performance and engagement, it also acts as a moderator of the impact of Psychological Capital on Employee Performance ³¹.

Finally, to investigate and assess the impact of internal marketing and organizational commitment on Employee Performance as mediated by Psychological Capital. Henryawan Sigit, ¹⁵ designed a survey with a sample size of 60 respondents on employees of a sugar factory (PT. Madubaru) in Bantul, Yogyakarta. The findings indicate that (1) internal marketing and organizational commitment held by the organization have a favorable and significant influence on the Psychological Capital of factory employees. (2) staff Psychological Capital has a positive and considerable influence on industrial staff performance. (3) Factory employees' Psychological Capital mediates internal marketing and organizational commitment to Employee Performance.

Despite the increasing popularity of Talent Management, there remains a lack of clarity regarding its connection to Employee Performance. It is widely recognized, however, that the overall performance of individuals directly impacts organizational success ³⁸. According to the study conducted by Lukman Adams, there exists a direct correlation between task performance and talent retention. Employees who have undergone comprehensive development programs are likely to experience higher levels of job satisfaction, increased commitment to their roles, and a greater propensity to remain with the organization ⁵⁷.

Based on the research conducted by Amal, there is evidence suggesting a correlation between an individual's impression of success, achievement, and personal growth and their level of job satisfaction. To attain sustainable development, it is imperative for firms to recruit skilled personnel who are committed to delivering exceptional performance while enhancing efficiency. The researcher reached the determination that there exists notable degrees of participant discontent in relation to fundamental remuneration, assistance, and educational prospects, as evidenced by 42.5% of participants expressing unhappiness with the availability of opportunities for acquiring new abilities. The primary challenges in talent development and talent management, particularly in fostering leadership practices within organizations, are emphasized. These challenges are similar to the issues discussed in the literature on Talent Management practices and their effects on employees' performance levels ⁴⁹.

The primary objective of the study conducted by James in 2016 was to analyze the relationship between talent management and the four dimensions of Employee Performance, namely task performance, contextual performance, adaptive performance, and counterproductive performance. This investigation was carried out by examining the mediating role of job satisfaction and affective commitment. The findings of the study revealed significant associations among talent management, job satisfaction, emotional commitment, and many dimensions of Employee Performance. Furthermore, it was found that the association between talent management and many dimensions of Employee Performance is partially influenced by the presence of job satisfaction and affective commitment. Previous research has established a correlation between talent management and Employee Performance ⁴⁵.

In their study, Kübra investigated the relationship between Psychological Capital and its influence on talent management. Specifically, they explored the mediating role of Positive Psychological Capital in the relationship between visionary leadership and talent management. Employing a structural equality model, the researchers focused on the impact of talent management on organizational performance, particularly in relation to leaders. Their findings revealed a robust correlation between visionary leadership exhibited by senior managers and their level of talent management. Moreover, the study demonstrated that visionary leadership, when accompanied by positive Psychological Capital, had a greater impact on perceived talent ⁵⁸.

According to the findings of Fred Luthans ⁵⁵ the contemporary emergence of Psychological Capital presents a promising and potentially highly successful approach for the development of human resources. Human resource development has the potential to provide targeted assistance to organizational leaders and their colleagues in enhancing their resilience in the face of increasing challenges, improving their efficiency in task completion, fostering a positive outlook towards the future, and cultivating a sense of optimism in devising strategies and alternative approaches to achieve objectives. In alternative terms, firms may implement programs, such as the one analyzed in this study, within the realm of human resources development. This strategic action aims to harness the combined benefits of positive Psychological Capital in order to enhance performance within the highly challenging and volatile contemporary business landscape ^{16 24}.

Psychological Capital has been identified by Songshan ⁶¹ as the most effective metric for assessing the impact of human capital on performance. Based on empirical findings, Psychological Capital has been identified as a valuable internal resource that may be utilized by hotel staff members. This aligns with the interpersonal nature typically exhibited by professionals working in the hotel service industry ^{25 54}.

3. Proposed Research Model

H1: There is a sufficiently significant relationship between Psychological Capital with its different dimensions on Talent Management in Egyptian Fin-Tech companies.

H2: There is a sufficiently significant relationship between Talent Management with its different dimensions on Employee Performance in Egyptian Fin-Tech companies.

H3: There is a sufficiently significant relationship between Psychological Capital with its different dimensions on Employee Performance in Egyptian Fin-Tech companies.

H4: There is a sufficiently significant relationship between Psychological Capital with its different dimensions on Employee Performance through a mediation relationship of Talent Management in Egyptian Fin-Tech companies.

4. Research Methodology

The targeted population is Employees working in Egyptian Fin-Tech companies, to examine the Impact of Psychological Capital on their performance, with.

Talent Management as a mediator. According to the Central Bank of Egypt 2021, they recorded 114 Egyptian companies in Egypt, in different Fin-Tech services. But the number of workers wasn’t given info in the report and was a classified one from the Central Bank of Egypt.

The study sample for this research consists of 384 participants. The researchers created an online questionnaire using a Google forms link and disseminated it for self-administration. The responses that were deemed valid were 418, and the response percentage was 108%.

This study utilizes a self-administered questionnaire as a survey method, which has been developed based on previous research. Surveys are a form of quantitative methodology. The survey strategy is beneficial when used in conjunction with a quantitative design and the deductive approach. The following explanations outline the importance of the questionnaire in this article. It facilitates the aggregation of a significant volume of data. Disseminating information to a diverse audience is straightforward and economical as it obviates the necessity for the researcher to individually visit each respondent's home. The research can swiftly be distributed to a substantial number of personnel, leading to a prompt and effective process. In addition, researchers must ensure that the questions they use have been carefully created to uphold the tool's dependability and validity.

5. Statistics and Results

Based on the above table, for the included dimension(s) of dependent, independent and mediator variables of study, the reliability coefficients of Cronbach’s alpha are higher than the acceptable value of 0.70 which reflects that there is a high level of inter-correlations among the dimensions of study. In addition, the Cronbach Alpha’ coefficient for all statements included in the questionnaire is 0.938 which means that the responses of the individuals (sample size 418) included in the sample of study are indicative and closely related to each other. In addition, their answers are reliable and the results can be generalized.

Based on the table above, the correlation coefficient between both the independent variable of Psychological Capital and the dependent variable of Employee Performance is 0.689 which indicates that there is moderate positive (direct) linear relationship. In addition, this linear relationship is statistically significant and indicative at the level of significance of 1%.

The correlation coefficient between both mediation variable of Talent Management and dependent variable of Employee Performance is 0.526 which indicates that there is moderate positive (direct) linear relationship. In addition, this linear relationship is statistically significant and indicative at the level of significance of 1% as well.

The correlation coefficient between both mediation variable of Talent Management and independent variable of Psychological Capital is 0.549 which indicates that there is moderate positive (direct) linear relationship. In addition, this linear relationship is statistically significant and indicative at the level of significance of 1% as well.

When Psychological Capital increases by one unit, Employee Performance is expected to increase by 0.6252 on average. And since the p-value (0.000) is less than the level of significance of 1%, this coefficient is statistically significance and Psychological Capital has a real positive impact on Employee Performance. In addition, since the confidence interval lower and upper bounds (0.5988 and 0.7125 respectively) don’t include a value of zero, therefore this coefficient is statistically significant. R-squared is 0.4742 which means that Psychological Capital is able to explain 47.42% of the variation in Employee Performance and the rest is due to error. H2 is satisfied.

On one hand, ²⁶ found that Psychological Capital is positively associated with well-being, as well as with positive emotions and reduced stress. These outcomes, while individually significant, have also been linked to Employee Performance and turnover rates. On the other hand, David's study aimed to examine the correlation between distinct positive psychological resources (namely, efficacy, hope, optimism, and resilience) among employed individuals and their overall Psychological Capital as well as performance. This objective was stated by David himself. The findings provided support for all of the study assumptions. According to a study conducted by ⁶⁰, there is a positive correlation between Psychological Capital and creative performance.

An additional major finding that provides support for the present study is that Psychological Capital has a substantial association with performance, as measured through various methods. Importantly, this correlation remains consistent regardless of whether the assessments are based on self-reports, supervisor ratings, or objective measures. According ⁴, the correlation between self-evaluations of performance and Psychological Capital is similar to those of ratings provided by supervisors or managers. This suggests that source bias issues may not be as prevalent in the assessment of Psychological Capital compared to other domains.

The study conducted by Suzann has significant practical implications for contemporary human resource management within organizations. In general, the results of our study indicate that Psychological Capital has the potential to be a vital but sometimes overlooked asset in enhancing employee work performance. According to ⁶¹, the concept of Psychological Capital holds potential advantages for the enhancement of human resource development procedures and performance management.

When Psychological Capital increases by one unit, Talent Management is expected to increase by 0.8121 on average. And since the p-value (0.000) is less than the level of significance of 1%, therefore this coefficient is statistically significance and Psychological Capital has a real positive impact on Talent Management. In addition, since the confidence interval lower and upper bounds (0.6552 and 0.9690 respectively) don’t include a value of zero, therefore this coefficient is statistically significant. R-squared is 0.3013 which means that Psychological Capital is able to explain 30.13% of the variation in Talent Management and the rest is due to error. H1 is satisfied.

Based on the findings of the research, it is recommended that managers and administrators provide a supportive work atmosphere that prioritizes employees' concerns regarding their professional and personal life. In addition, it is recommended that organizations establish training and development initiatives aimed at enabling managers to effectively monitor and cultivate their staff members in accordance with the agreed-upon criteria, as proposed by ⁵. Furthermore, it is imperative for organizational management and human resource personnel to actively pursue the improvement of work-life balance and Psychological Capital. These initiatives aim to strengthen employee engagement both within the workplace and in their personal lives, thereby reducing the likelihood of employee turnover.

According to ⁴³, individuals who possess elevated levels of self-efficacy and hope demonstrate a greater propensity to cultivate trust, obtain additional social resources through positive engagement and interactions with peers, exhibit a belief in ongoing learning, consistently update their skills and knowledge, and actively seek out solutions to problems.

Talented employees have the potential to enhance production and foster efficiency inside a specific organization through the cultivation of their Psychological Capital. The responsibility of efficiently harnessing this valuable human resource lies with management, particularly the entrepreneurs. An effective human resource management plan can enhance a business's ability to attract and retain skilled personnel, while also promoting adherence to socially accepted norms of conduct. According to ⁶⁴ Psychological Capital can provide significant support in this context.

The findings of this study further corroborate the existing research that demonstrates a strong correlation between Psychological Capital and employee retention. This aligns with earlier studies that have revealed a significant positive association between Psychological Capital and job satisfaction, which ultimately contributes to the retention of highly skilled employees. In a study conducted by ⁶⁵, similar findings were seen. The researchers discovered that Psychological Capital had a negative relationship with unfavorable attitudes, such as turnover intention. Moreover, they proposed that Psychological Capital could serve as an efficacious strategy for mitigating actual turnover rates.

The final outcome illustrates the significant alignment between training programs and the expectations of employees. According to a study conducted by ⁶, the implementation of effective training initiatives has been found to positively impact workers' job satisfaction. In his research focuses on the mediating role of positive Psychological Capital in the relationship between visionary leadership and talent management. Based on Teacher Perceptions, ⁵⁸ determined that there is a moderate positive correlation between the talent management traits of school principals and the levels of positive Psychological Capital among teachers. Additionally, a moderate correlation was found between visionary leadership and the development of goals and talent, performance evaluation and retention of talent, and talent management through positive Psychological Capital.

When the independent variable, Psychological Capital, is incremented by one unit, the dependent variable, Employee Performance, is anticipated to exhibit an average increase of 0.5159, assuming all other variables remain constant. Given that the p-value (0.000) is lower than the predetermined significance level of 1%, it can be concluded that the coefficient in question is statistically significant. Consequently, it may be inferred that Psychological Capital has a genuine beneficial effect on Employee Performance. Furthermore, it may be concluded that the coefficient is statistically significant as the confidence interval lower and upper bounds do not encompass the value of zero. When Talent Management increases by one unit, Employee Performance is expected to increase by 0.1301 on average and hold the other variable constant. And since the p-value (0.000) is less than the level of significance of 1%, therefore, this coefficient is statistically significant and Talent Management has a real positive impact on Employee Performance. In addition, since the confidence interval lower and upper bounds don’t include a value of zero, therefore this coefficient is statistically significant. H3 is satisfied.

R-squared is 0.5059 which means that Psychological Capital and Talent Management are able to explain 50.59% of the variation in Employee Performance and the rest is due to error.

According to ⁶⁴ there are four primary Psychological Capital characteristics: efficacy, hope, optimism, and resilience. These constructs are strongly interconnected with employees' attitudes and emotions, potentially influencing their behavior and behavioral intentions. There is a prevailing belief that a positive work environment fosters a sense of happiness among individuals and serves as a catalyst for enhanced levels of motivation and achievement. Moreover, there exists a strong correlation between Psychological Capital and individuals' overall well-being, thereby influencing their workplace performance. In essence, Psychological Capital endeavors to facilitate an individual's development in both personal and professional domains.

The results of this research were consistent with the findings of a previous study conducted by ⁵, which demonstrated that work-life balance functions as a mediator between Psychological Capital and workplace attitudes. This finding provides support for the idea that the influence of Psychological Capital on work-life balance is important for creating positive work attitudes among employees. This study addresses the existing gap in knowledge by examining the role of work-life balance as a mediator between Psychological Capital and employee job outcomes and performance.

According to a study conducted by ⁶, the findings align with his previous research that highlights the significance of training and development in enhancing Employee Performance and fostering organizational growth. Mackelprang, claim that the implementation of training programs has a positive impact on employees' abilities, hence contributing to the enhancement of organizational performance as a whole. This perspective aligns with the underlying principles of Becker's (1964, 1993) human capital theory, which posits that training may be viewed as an investment that ultimately enhances an individual's output. This aligns with the conclusions drawn by other scholars who propose that corporate training and development initiatives should be regarded as investments in organizational assets rather than mere expenses.

The mentioned outcome aligns with the empirical research conducted by Frank, which posits that activities aimed at career development foster a collaborative relationship between the business and its employees, enhancing their knowledge, skills, talents, and overall individual capabilities. Furthermore, it supports the significant influence of training and development on Employee Performance. The results of this study provide empirical evidence that aligns with the underlying assumptions of the human capital theory, as originally proposed by Becker (1964, 1993). According to this theory, training may be viewed as an investment that enhances an individual's productivity ⁶.

In a recent publication by ⁶⁴, similar results were reported, suggesting that the implementation of Psychological Capital may serve as an effective approach in mitigating employees' inclination to leave their current organization. A negative correlation was observed between turnover intention and Psychological Capital. When employees experience psychological satisfaction, there is an observed increase in retention levels.

The effectiveness of talent management as a mediator of the relationship between psychological capital and employee performance is 0.1056 on average. As a result of the fact that the p-value (0.000) is lower than the significance level of 1%, it is possible to draw the conclusion that this coefficient is statistically significant. It may be deduced from this that Psychological Capital exerts a true and positive influence on Employee Performance through the administration of Talent Management. Furthermore, given that the lower and upper bounds of the confidence interval (0.0623 and 0.1523 respectively) do not include zero, it is possible to draw the conclusion that this coefficient is statistically significant. H4 is satisfied.

6. Discussion and Recommendation

This chapter summarizes a field study on the influence of Psychological Capital on Employee Performance in Fin-Tech firms in Egypt, testing hypotheses and addressing major concerns. It also discusses the mediating effect of Talent Management and provides recommendations for practical and scientific purposes.

A study in Egypt reveals that employees with high levels of Psychological Capital, such as self-efficacy, hope, resilience, and optimism, have higher job satisfaction and performance in Fin-Tech companies. This positive attitude contributes to a strong and empowered workforce, highlighting the importance of providing support and communication to help employees navigate challenges and foster optimism.

Talent Management is crucial for Fin-Tech businesses to attract and retain talent. It involves hiring, analyzing credentials, and allocating resources for personnel development. However, in the competitive Fin-Tech industry, effective retention strategies and employee empowerment are often neglected. Top management should involve employees in the organization's vision [7-12] ^{12 62 63}.

The study highlights the importance of effective management in improving performance, highlighting the role of talent management in enhancing productivity, fostering a positive internal culture, and addressing unfavorable attitudes to enhance Employee work performance.

Companies can enhance their employees' Psychological Capital by providing interventions like psychological consultations and individual guidance, cultivating a supportive workplace culture, and developing practical workshops, training, and mentoring programs. This approach can lead to better performance and overall business success, as demand for individual effectiveness and high performance continues to grow in unstable international and economic contexts. The positive perspective of positive psychology can influence changes in positivity and stress for individual performance.

Management plays a crucial role in improving work performance and productivity by focusing on employee skills and fostering a positive internal culture. Understanding the underlying causes of unfavorable attitudes and investing in adaptable attitudes can help mitigate their impact, ultimately contributing to better work performance and skill development.

Fin-Tech management should prioritize the inclusion of all employees in their hierarchy, ensuring their understanding and support of the corporate strategic plans, vision, and mission. Employees need to comprehend their departments and recognize their contributions toward attaining the organizational goals.

This paper focuses on Egyptian Fin-tech enterprises and suggests that future studies should consider other industries that prioritize human resources retention and enhancement. Previous research shows that job position affects Psychological Capital, Employee Performance, and Talent Management. The study's target population is limited due to administrative barriers and the poll was distributed via email, potentially limiting accessibility for certain employees.

Despite the current study offers valuable insights, there are still plenty of possibilities for additional exploration in this field, especially in the context of research at the graduate level. To improve the current study's conclusions, future research could consider expanding the scope beyond the Fin-Tech industry in Egypt to include other areas, such as banking, healthcare, and tourism. This will facilitate a more thorough understanding of the influence of Psychological Capital on Employee Performance and Talent Management.

Moreover, it is essential to analyze the factors that impact Employee Psychological Capital and its effect on Employees' Performance and Talent Management, which will ultimately be reflected in organizational performance in other fields and industries.

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