The Importance of Social Capital
Never underestimate the value derived from positive connections between people, aka social capital.
An off schedule post
This is an off-schedule post. That means something different or interesting is going on that warrants paying attention to. So, my friends, read on to find out more!
Introduction
Social Capital. Now that’s an interesting term. Have you ever heard of it? Did you know there is even an organization dedicated to it? Yup, it’s called the Institute for Social Capital (Note 1). Now, if you told me this was a Washington, DC based special interest group or lobbying firm, I would have replied, “Of course it is.” But it’s not. Actually, it’s an Australia based organization, er, organisation in Australian, dedicated to independent research, consulting, and training. Click on the link in Note 1 to learn more; it’s actually quite interesting.
According to the Institute, social capital lacks a clear, undisputed definition; in essence, it refers to social relations that yield productive benefits. Now that’s a mouthful, so let’s dig in a bit and see why social capital is important to you.
You probably already know what social capital is. Sort of
I’ve previously described in these posts how I come up with ideas on what to write about. Typically, I write about topics that support our goal at Afterburner Success Partners in teaching you what you need to know so you can live your best life. Besides the course itself, which I developed in 2019, I gain new information from reading or interacting with others in my daily life. When I tell you where this topic came from, you are likely going to be surprised.
I’m always reading new and different books. I had previously heard that our current Vice President, JD Vance, had authored a book, Hillbilly Elegy (Note 2), back in 2016. Well, initially, I blew it off, but I started to hear bits and pieces about it, and my curiosity was piqued. So I bought it and read it. I’ll say two things about it and then let you decide if you want to read it (if you have not already), and then leave it at that.
First, the book is about JD Vance growing up in rural Kentucky and Ohio. That someone from his background could become Vice President at 39 years old (and he’s not done yet, most likely) is a story in and of itself. Besides being a little amazing, the first three-fourths of the book are entertaining. I can relate to much of this. I have or have had relatives from rural Virginia, West Virginia, and Alabama. I lived in a small town in South Carolina for four years, and I’ve seen many of the things Mr. Vance describes from his time in rural Kentucky and Ohio. Second, toward the end of the book, there are actually serious life lessons we can all benefit from. And this is the reason I recommend you read the book. Please don’t let any political bias you may have prevent you from reading, enjoying, and benefiting from this excellent book. There is nothing political about it. Click on the link in Note 2 to get your own copy.
Ok, so the title of this subsection implies that you already know what social capital is. Here is how it is described by The Institute (Note 1): “Social capital is about the value of social networks, bonding similar people and bridging between diverse people with norms of reciprocity.” “What the heck did he just say?” you are asking yourself right about now. Let me simplify:
Social capital is about people working with and enjoying one another for their common benefit.
Yeah, I just coined that term and I kinda like it. I’ll bet you can relate to it now, can’t you? OK, so maybe you could interpret this a bit differently than I chose to define it. If you think of the term as politicking, brown-nosing, or any other negative connotation, then you are way off base. And getting along with other people, helping each other, and mutually beneficial actions are really what life’s all about, at least in my mind.
Some examples
In his book, Mr. Vance describes his experiences at Yale Law School and how Yale taught him that, as a rural Kentuckian, he really did not understand how the world worked. He goes on to discuss the value of going to Yale Law School and how Yale Law graduates typically don’t look for jobs; jobs come to them: they are recruited. He discusses the interview process, dinner meetings with potential employers, dressing for success, rubbing elbows with the right people, and learning to do the right things at the right time for a desired outcome. He learned that successful people are different. And, to me, one of the most important lessons is what the US military, in Mr. Vance’s case, the Marines, taught him about life. Just read the book, OK?
So I’d like to take the remainder of this subsection to tell you about some of my own experiences with social capital. See if you can relate to any of it.
When I was a kid in the 1960s, I remember my dad, who by this time was an aircraft maintenance supervisor, having been promoted from mechanic, at United Airlines, used to attend periodic company social events at the Gaslight Club in Washington, DC. My dad would dress up in a sharp suit, tie a perfect Windsor knot in his tie, my mom would dress like a movie star, and they would rub elbows, enjoy dinner and dancing with others in an exclusive Washington, DC establishment. The Gaslight Club was originally established in Chicago in 1953, seeking to recreate the “good old days’ of the early 1900s. And later, in the 1950s, established branches in New York and Washington, DC. In 1961, they opened a club in Paris. Only the Chicago club remains today (Note 3). Now, understand that my father was only a supervisor; he was not in upper management, but he, and of course, his spouse, my mother, were expected to attend such events with others in management. While it may have been an expectation, I remember hearing them talk about how much they enjoyed them. And then, my parents would host dinners with my dad’s boss and his wife, and they would go to his boss’s house for dinner too!
When I was in the Air Force, we were expected to join “The Club.” The Club was either the Airmen’s, NCOs (Non-Commissioned Officers), or Officers’ Clubs, depending upon your rank. Notice the segregation here. While I say “expected,” it really was an unwritten requirement to be a member and at least occasionally be seen there and talk about it on Monday. I remember one such club had a really good prime rib special on Friday evening, and it was really a night out for dinner. As a young enlisted man with a family, I really did not go often, I could not afford to, but I knew I needed to be a member and support it.
Did you know that many military bases have golf courses? Besides military bases, do I need to discuss how much business is done on a golf course? When I was at American Airlines in Tulsa, they had an unofficial golf league that was headed up by one of the management folks. You could find any management person from junior level to vice president playing together on a weeknight in the summer. It was the same at Spirit. I never played golf, and it was probably to my detriment. One of the things I discuss in my course and book is mixing business and pleasure. This is what I mean. Never underestimate the amount of “business” that is done in social settings.
When I worked at American, in Tulsa, we had an organization called 4A-American Airlines Administrative Association. It was a social networking group for management folks. Once a month, we would all dress up (I say dress up, but at that time we all wore suits to work anyway) and bring our spouses to a very nice restaurant or club, where we would enjoy dinner and socialize. The event typically included a talk by a senior member of management who would explain what was going on at the company. I suspect it was about the same as my father at the Gas Light Club. It was something you just did. We enjoyed getting to know others in a social setting, we got to know each other’s spouses, and it was just a fun time we looked forward to. By the late 1990s, membership had started to dwindle, and 9/11 pretty much put the final nail in the coffin of the 4A. I was sad to see it go. Diane and I always discuss how much we enjoyed the people we worked with, and things like this are one of the reasons. They also sponsored family picnics and, in the summer, a carnival, and in December, a circus, for the families.
We had a similar thing when I was at Spirit, not quite the same, but a nice chance to meet others in a social setting, away from work.
You’ve heard stories about company functions such as this. And then you’ve heard stories about careers that were ruined as well. That typically happened because of a bit too much alcohol. For me, they were always enjoyable and really, it was part of the job and a chance to socialize with others outside of work. I miss them.
What about today?
As I mentioned, many of the events such as this have gone away. People are busy and don’t want to take their free time to participate in work functions after hours. Frankly, many people don’t want to socialize with those they work with. And then, if you work from home (WFH), well then, who are you going to socialize with? To me it’s a little sad and it’s negatively affecting people and their careers and they don’t even know it.
Summary
If you have been reading these posts for any length of time, you have heard me speak of the value of networking. Social Capital is just another word for networking and getting to know other people. I think I may have mentioned that when I was seeking some career advice from a Senior Vice President one time, he told me, “It’s all about the people.” Need we say more?
So ponder your social capital. Are you networking with others in your field? Why or why not? Taking a genuine interest in others is not only enjoyable, but it’s also profitable. And social capital is not just for work. If you are a member of a church or other organization, it’s the same thing. I think we all intuitively understand that, don’t we?
That’s all for this week!
The Importance of Social Capital
Afterburner Success Partners
What’s in it for Me
Staying on track and on schedule is essential to really get and do the things we want to do. Understanding when we may get off track and what to do about it is necessary to accomplish life goals. Networking and socialization are all part of this.
Call to Action
Take the Afterburner Success Partners course or purchase the book Achieve Your Dreams: A Complete Guide to Live Your Best Life by David Giustozzi (Note 4).
Recommended Resources
Check out my recently published book, Achieve Your Dreams: A Complete Guide to Live Your Best Life by David Giustozzi. Available on Amazon or on my website. See Note 4.
Up Next
Back to regular posting schedule.
Notes
Please note that as an Amazon Affiliate, I may earn a small commission on the sale of any of these recommended resources.
The Institute for Social Capital: https://www.socialcapitalresearch.com
Hillbilly Elegy, by JD Vance: https://amzn.to/3XP2btw
The Gaslight Clubs: https://www.gaslightclubs.com
Achieve Your Dreams: A Complete Guide to Live Your Best Life by David Giustozzi: https://amzn.to/3IxEFgy