Social ca apita the mac chine age
Research shows that developing social capital is even more important in the Fourth Industrial Revolution
Research shows that developing social capital is even more important in the Fourth Industrial Revolution.
BACK in the 1960s, a PhD student at Harvard University spoke to 282 men in the same town in the United States and asked each of them how they had got their job.
The surprising results were that over 80% of those surveyed said they found their jobs through acquaintances or “friend of a friend.” The paper where this research was published, “The Strength of Weak Ties,” became one of the most cited papers in sociology. Said simply, who you know matters. The value of your relationships can be described as your “Social Capital.”
Fifty years later, more current research shows that developing social capital is even more important in the Fourth Industrial Revolution. Not only does it help people build better careers and deliver superior job performances, it also gives access to better information and facilitates trust. In order to achieve sustainable and balanced success in life, we need to cultivate three types of capital; human capital, social capital and economic capital. This is true at an individual, organisational and even national levels.
Human capital refers to the experience, skills, training, knowledge and knowhow that we have acquired through our academic and professional credentials. Social capital is the value of the relationships and networks that we are part of. Acquired and used properly, social capital can leverage human capital to deliver the creation and accumulation of economic capital (money and other valuable assets).
Yet current education systems focus on the development of human capital with very little intentional emphasis on the development of the skills needed to build professional networks. Here, I wish to concentrate on how we can support our youth initiate and nurture their social capital.
Like everyone else, they have to learn that who they are connected to is not how many they are linked to on LinkedIn, or are friends with on social media. It is who will return their phone call or e-mail/text.
Scholars have shown that people do not benefit from networks passively. They need to mobilise these networks to get the benefit from them. In order to equip students with the necessary networking capabilities, universities need to transform both the curriculum and the role of “Career Services” and Alumni departments to provide students with both the opportunities and the skills necessary to grow their social capital.
To build successful professional networks, the following advice is given to our students: ●
Map your existing network by identifying the people whom you already know and the networks these people belong to. These can be your family members, friends or even teachers and lecturers. Make sure that you keep a good relationship with those currently in your network and be helpful to them by supporting them to achieve their professional goals;
● Identify the networks that you would like to be part of and use your current contacts and the “friends of friends” to introduce you. Some networks are more difficult to penetrate than others, but an introduction is always helpful. Remember that the most resourceful network that you can tap into could be the Alumni network of your institution; ●
Build a professional online presence. LinkedIn is very good platform for this. Use a professional profile picture and describe your skills, experiences and career goals in a clear manner;
● Join suitable students’ societies and chapters representing the professional body that you are interested in. Be an active member in these societies through organising events and running for leadership positions;
● Volunteer with a charity that resonates with your core values and the impact you wish to have on the world. Volunteering is a great tool for meeting like-minded individuals; and
● Help the network become stronger by introducing people you know to each other, if you feel that it is beneficial to both parties to be introduced. Be generous with your support to other members of the network, support their events and send them personalised messages to celebrate their success.
The above list is one aspect of the structured approach we take to support our students build and grow their professional networks and social capital. This is part of the “Empower Programme” that is aimed at future proofing graduates.
Whether we realise it or not, we are all related. The intentional development of supportive professional networks is key to creating the value in the web of relationships that connects all. Through that we will be able to produce social capital for ourselves, our businesses and the nation.