Social capital is a term that refers to the network of social connections and relationships that individuals and communities have with each other. It encompasses the value that is derived from these connections, including trust, reciprocity, and cooperation. In recent years, the concept of social capital has gained increasing attention as research has shown the numerous benefits it can bring to individuals, organizations, and society.
I’m not an expert in social capital on a societal level, but as a recruiter, I understand the importance to invest in social capital on a personal level. In this post, I will explore some of the most significant benefits of social capital to you as an individual and how to build your social capital.
1. Improved Well-being and Health
One of the most significant benefits of social capital is its positive impact on your well-being and health. People who have strong social connections are more likely to be happy, satisfied, and content with their lives. Studies have shown that individuals who have a high level of social capital are less likely to experience depression and anxiety, have better self-esteem, and are more resilient in the face of adversity. This can be especially true as we age when raising a family and work are replaced with retirement and often loneliness.
Social capital also plays a crucial role in physical health. Strong social networks have been linked to lower rates of heart disease, stroke, and other chronic illnesses. People who have more significant social capital are more likely to engage in healthy behaviors such as exercise and healthy eating. They also have access to more resources and support to manage their health and well-being.
2. Increased Economic Opportunities
Social capital can also bring significant economic benefits to individuals and communities. People with strong social networks are more likely to find job opportunities, access capital (the financial kind), and succeed in entrepreneurship. Social capital can provide access to valuable information, knowledge, and resources that can help individuals and businesses to thrive. It makes sense – right? The more people you know, who know you well, the more resources you can draw upon when you need it – whether it’s finding a job, getting connected to financial capital, or expertise you need to solve problems. The adage, “It’s not what you know, it’s who you know?” applies here.
In addition, social capital can also help to reduce transaction costs, such as the time and effort required to build trust and establish relationships. This can result in more efficient and effective economic transactions, leading to higher levels of productivity and growth.
3. Enhanced Civic Engagement and Political Participation
Social capital can also lead to increased civic engagement and political participation. People who have strong social connections are more likely to be involved in their communities and to participate in political activities. They are more likely to vote, volunteer, and participate in community organizations and activities.
Social capital can also help to build trust and cooperation among individuals and groups, which is essential for effective governance and democratic processes. It can help to reduce polarization and promote greater understanding and cooperation among diverse groups.
4. Improved Education and Learning
Social capital can also bring significant benefits to education and learning. Students who have strong social networks are more likely to have higher levels of academic achievement and to be engaged in school. They are more likely to have access to valuable resources, such as mentorship, tutoring, and extracurricular activities.
Social capital can also help to promote lifelong learning and professional development. People who have strong social networks are more likely to have access to training and educational opportunities, and to receive support and encouragement from their peers and mentors.
5. Increased Resilience and Adaptability
Finally, social capital can help individuals and communities to be more resilient and adaptable in the face of challenges and adversity. Strong social networks provide a safety net of support and resources that can help people cope with difficult situations and bounce back from setbacks.
Social capital can also help to promote innovation and creativity by providing access to diverse perspectives and ideas. It can foster collaboration and cooperation among individuals and organizations, leading to more effective problem-solving and decision-making.
6. Examples of Social Capital in Action
Once you know what Social Capital is and how to recognize it, you can start to recognize it everywhere and see how the interconnections can benefit us and our society. Here are a couple of real examples:
A job-seeker I recently worked with who had a well-earned reputation as an expert in her field. When she needed to change jobs, her personal brand that she had built over the years in her industry resulted in several organizations getting excited to talk to her about coming to work for them. One created a role specifically for her - suited to her strengths and expertise.
An elderly Veteran was living in a house that needed repairs to the roof and electrical system and a Veteran Service Organization, as well as volunteers from corporate partners, helped repair his house so he could safely stay in his home.
A junior employee was nominated by their boss & mentor for the Leukemia & Lymphoma Society Emerging Leaders Challenge to lead a corporate fundraising campaign for LLS where they received mentorship and the opportunity to grow their professional networks both internally and externally to their corporation.
I had a family health crisis recently – and needed expertise well beyond my ability to solve the problem. I am often guilty of never asking for help but in this instance I did – I reached out to people in my network, many of whom I have helped in the past, and people came to my assistance spectacularly.
How to Build Social Capital
I could write an entire post to write about how to build social capital on an organizational level, so to save your flagging attention span, I’ll stick to how to build it personally.
Here are my three best practices on how to build social capital:
Be a net-giver. Social capital is not a ledger of people who owe you favors. Don’t do things solely with the intention of “what’s in it for me?” Being self-serving or reminding people you are keeping score defeats the purpose.
Be intentional. You will accomplish more if you volunteer the “three T’s” (time, talent, treasure) than wait to be asked. It’s better to make things happen than wait for things to happen. It could be at work: “Can I help plan the holiday party?” With friends: “Can I babysit your new baby so you and your husband can get a night off?” Or within your community: “I am a dog person, and my running club would love to take the shelter dogs on a trail run each week to help socialize them.”
Diversify your social networks. One of the most important ways to build social capital is to have broad and deep networks beyond work and your immediate friends and family group. Find other groups to participate in. Ideas: Volunteer organizations, church groups, book clubs, professional associations or societies, alumni networks, Veteran Organizations. Find your tribe. Or five.
Social capital is like a combination of personal fitness & insurance all in one – it can help you along the way, and if you ever need the help and support of your networks it will be there.
As we continue to navigate the challenges of the modern world, social capital will be more critical than ever in building strong and healthy communities.
We’re all in this life together - and it’s so much better to go together than alone.
Thanks for reading.
- Ed
If this was forwarded to you, here’s a little about me:
Ed Voelsing is a former US Navy Officer, Veteran advocate, and career executive recruiter working to match exceptional talent to the best organizations in the US. He is the owner of The Rivet Group, a recruiting firm based in Charlotte, North Carolina.
Kommentare