WHAT IS SOCIAL CAPITAL? WHAT ARE THE 3 BENEFITS OF IT?
In this day and age, every form of capital has become a necessity for thriving in a society that holds the exchange of value as its primary resource!
To understand the concept of social capital, one must understand that the concept is linked with the shared value of interaction; this might not always be in a transactional capacity. The benefit of social capital lies within the networking capacity of two individuals or a group of individuals, sharing a connection and or interaction for a collective advantage for both of the parties involved in developing this relationship. Social Capital requires a thorough dedication to a set of collective aims, which can be achieved through cooperation and having a number of common guidelines and directives under which both groups can abide by, to achieve the collective aim. There are three distinct categories of social capital namely, bridging, bonding, and linking, each with a particular definition. Bridging refers to the process of two successful entities crossing paths to achieve a common interest. Bonding is a form of social capital created by a social gathering and interaction of a group of people. Lastly, linking is a form of networking where the creation of ties across different parties is possible and is often associated with upward social mobility.
Not About What you Know it’s About who you know
Social Capital can help in spreading useful information when needed, this helps an individual or a company to access information about particular things, which may not have been possible without social capital, this may also help entities to get access to places or people which would have otherwise been beyond their reach or difficult to get to. This is one of the most useful things about having social capital, it opens doors that might have otherwise been closed.
It’s all About Building Positive Relationships
In the professional world, it is commonplace to get a job opportunity, through someone’s recommendation. This sort of networking is also a huge part of having social capital, this goes a long way, as large companies usually like to know the person they are employing, and, hiring from a recommendation by an employee is still regarded as the norm in most places. Companies or Entities with higher social capital have been using this since the very beginning, word of mouth is one of the biggest utilisations of having social capital.
In a Professional Environment Social Capital can Mean Trust
The biggest advantages of having social capital are being respected by other large entities, having the appropriate connections to tick a lot of boxes and help, corporations and people fostering new links and expanding their network, in turn creating a chain of shared interests and a large circle of positive growth and trust for that particular community.
