I recently spent a significant time with people I haven’t met in person before or have met for the first time. Events like the Thinkers50 Awards Gala usually happen over a number of days with an opportunity to meet colleagues, potential business partners and experts on days either before or after the main event. Such an experience can be daunting and most of all exhausting even for the most outgoing person unless you have a solid foundation of social capital.
Fortunately, I had accumulated a good bit of social capital allowing me to return home energised rather than depleted. And the wonderful thing about social capital is, that it only grows when you let go of caring about its net worth. But what does that mean, and how do you accumulate social capital?
The term ‘Social Capital’ represents a complex theory that researchers have yet to agree on a definition that fully captures its dimensions and functions.1 In the context of this article, I like to think of social capital as a currency of mutual support, trusting communities and a sense of feeling safe to express our personal and professional perspectives regardless of alignment with popular opinions.
This reminds me of Psychological Safety2, a term coined in connection with teams by Amy Edmondson, a Harvard Business School professor and the author of ‘The Fearless Organization’. Without feeling safe, chances are that we are hiding behind agreeing to popular opinions. We might worry that speaking up or voicing our concerns labels us as stupid, unworthy, being in the wrong role or that we lose support, recognition and acceptance. However, when we are holding back, we are also stifling opportunities to grow social capital. It seems like a catch-223
But I believe that there is a way to get around this apparent dilemma. However, this requires patience, time and the commitment to building meaningful connections with others. In a recent Australian HR Institute article4 Kate Neilson offers four ways to build social capital at work.
Gift your time - Have regular one-on-one meetings with colleagues to have a conversation and offer your support.
Show up consistently - Demonstrate your two to three non-negotiable behaviours consistently for example: ‘I listen to what others say and seek an understanding of their point of view.’
Communicate with Intention - Respect people’s different ways of working and communication styles (especially if it is different to yours) and ensure that it is easy for them to understand what you are saying or asking from them.
Diversify your network - Connect regularly with people from different backgrounds and expertise, for example from different departments, different locations within an organisation as well as outside of your main professional interest.
These ways can help build social capital over time and they certainly helped me prepare for this year’s Thinkers50 event. But here is a catch: Back in late 2020, when I started connecting with people who shared my interest in human behaviour topics and the latest management thinking, I didn’t know I was going to attend such a prestigious event.
I had no idea where becoming a member of Dorie Clark’s Recognised Expert Course Community would lead me. I didn’t anticipate how my regular meetings with like-minded colleagues and engagement within the community would help me build my confidence in an industry that initially overwhelmed me. Moreover, I didn’t realise how much easier it would become to express my ideas, knowing that I am supported by a community of people sharing similar values and a common goal.
“Earning social capital is dependent on our ability to work together effectively by having a shared set of values and working toward a common goal.” Aliza Licht, HBR Building Social Capital When You Work Remotely5
Based on my experience, I believe the growing essence of social capital is rooted in a consistent, genuine interest in people who share a common interest in a topic we care about. As with everything it needs time to grow: It starts with the little seeds of taking what I call inspired actions, then building upon initial connections towards trusting relationships from which social capital starts to break out from the seed coat to build strong roots, then a stem and eventually leaves. And with continued care your social capital will grow into strong trees with many branches full of life that are fuelled as much by the sunlight as it is through the roots network invisible to everyone else.
It was Rukasana Bhaijee, a Diversity, Equity and Inclusion (DEI) Leader, who said at Thinkers50 that we should start with respect and what that means is that your mindset should be that everyone is there (in the organisation) for a purpose. So, start with wanting to understand who they are and what they are bringing. Building on Bhaijee’s statement, I have experienced how the cumulation of social capital is a direct result of starting with a curious mindset.
What is the one thing you will do this week to grow your social capital?
You may also find this article interesting: The Benefit of Internal Networking
Please note, that all named persons are linked to their LinkedIn profile. All book links are affiliate links from Amazon.co.uk. If you are interested in buying any of the books mentioned on Amazon UK, please consider using the links provided to support my work.
Institute for Social Capital
Definition: https://www.socialcapitalresearch.com/literature/definition/ Introduction to Social Capital: https://www.socialcapitalresearch.com/literature/introduction-social-capital-research/
What Is Psychological Safety? by Amy Gallo, Havard Business Review, 15 February 2023 https://hbr.org/2023/02/what-is-psychological-safety
Definition of term Catch-22: A problematic situation for which the only solution is denied by a circumstance inherent in the problem or by a rule. Merriam-Webster Dictionary https://www.merriam-webster.com/dictionary/catch-22
4 ways to build your social capital at work by Kate Neilson, Australian HR Institute, 7 July 2023 https://www.hrmonline.com.au/section/strategic-hr/4-ways-to-build-your-social-capital-at-work/
Building Social Capital When You Work Remotely by Aliza Licht, Harvard Business Review, 15 May 2023 https://hbr.org/2023/05/building-social-capital-when-you-work-remotely