Definitions
Self-efficacy
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All definitions
"Self-efficacy" refers to "expectations of personal efficacy," which are hypothesized to determine coping behavior "in the face of obstacles and aversive experiences" (Bandura, 1977, p. 191). Although self-efficacy is, indeed, a personality variable, it is not an innate aspect of an individual's personality. Rather, it is a belief that is learned through one's experiences.

Bandura defined "efficacy expectation," which we can think of as "high self-efficacy," as "the conviction that one can successfully execute the behavior required to produce" certain "outcomes" (Bandura, 1977, p. 193).  "Self-efficacy" can also be thought of as an experientially learned belief that individuals can use to exercise mastery within a given situation. 

According to Bandura, "resilient self-efficacy" ..."provides the needed staying power" to function when faced with the adversities of daily life (Bandura, 2001, p 21).

Implications
for the workplace
Self-efficacy and its integrative framework have substantial implications for educational and work environments because they suggest that those environments can be manipulated to help individuals develop a sense of mastery, which will, in turn, determine whether they continue to try to cope and succeed in challenging or difficult situations. 

"Self-efficacy" is often compared to "locus-of-control," but the two are not the same. However, Bandura theorizes that LOC can mediate the "effects of performance attainments on self-efficacy" (Bandura, 1977, p. 204). 

References
Bandura, A. (1977). Self-efficacy. Toward a unifying theory of behavioral change. Psychological Review, 84, 191-215.

Bandura, A. (2001). The changing face of pyschology at the dawning of a globalization era. Canadian Psychology, 42, 12-24.
Read a practice exam essay in response to the question:

"Employees are not just passive recipients of organisational policy but have an active, if limited, role in shaping it: Discuss the processes through which individuals and groups might try to exert influence on change in organizations." 

Exam essay practice answer