Final answer:
The Goal-Setting Theory is about the role of specific and challenging goals in enhancing performance, whereas the Self-Efficacy Theory focuses on an individual's belief in their ability to succeed, influencing their motivation and approach to challenges.
Step-by-step explanation:
The Goal-Setting Theory and Self-Efficacy Theory are both influential in understanding motivation and behavior in the workplace and personal life. Goal-Setting Theory focuses on the importance of setting goals that are specific and challenging. It underscores the notion that clear goals can increase performance and that difficult goals, when accepted, result in higher performance than easy goals. Feedback related to goal achievement is also critical, as it allows individuals to track their progress.
Conversely, Self-Efficacy Theory, developed by Albert Bandura, emphasizes an individual's belief in their ability to succeed in specific situations. This belief determines how people think, behave, and feel. Those with high self-efficacy see difficult tasks as challenges to be mastered rather than threats to be avoided. They recover more quickly from setbacks and maintain a firm belief in their abilities, which in turn influences the goals they set for themselves and their commitment to achieving them.
While Goal-Setting Theory is about the effects of objectives on performance, Self-Efficacy Theory is more about the internal belief system that affects how people approach goals, tasks, and challenges. One can impact organizational success by setting appropriate goals and providing feedback, while the other can enhance individual performance through building belief in one's abilities and resilience to setbacks.