When Peterson first returned to BYU in 1972, he introduced the first organizational communication courses and worked with Wayne Pace to create the human resource development sequence, all of which was eventually moved to the College of Business. While teaching at BYU, he taught organizational behavior in The Marriott School of Management, and served as the Nyal D. McMullin Professor of Entrepreneurship. In 1997, Peterson was honored as the Honored Alumni Speaker for the College during the homecoming festivities.
His book, Fake "Work": Why People Are Working Harder Than Ever but Accomplishing Less, and How to Fix the Problem, was published by Simon and Schuster in January 2009. He is the author or coauthor of eight other texts, including the best selling introductory communication text in the nation. He is the founder and current chairman of PetersonGillespie International, is a partner and consultant for the Future Generation Foundation, and is the founder and current owner of The Work Itself Group.