Gary T. Hartfield is an award-winning serial entrepreneur, author, philanthropist and founder of Serenity Village Insurance & Consulting.
According to a definition by communityworks, inc., “Social capital is the network of relationships among people who live and work in a particular society, enabling that society to function effectively.” Unique to each individual, business and situation, social capital is vital in advancing and can be an invaluable asset for entrepreneurs.
There are four types of social capital: bonding, bridging, linking and identifying. These unique classes may appear differently in key impact areas such as education, employment, income, opportunities and civic engagement.
I believe that with a clear understanding of social capital and how to apply it, you and your company can better achieve success.
1. Bonding
In social capital, bonding refers to groups, memberships or networks that create a collective of shared thought and like-mindedness. We bond with individuals in many ways. However, social capital is more likely to originate from strategic and structured bonding.
One of my first genuine connections with the bonding class of social capital was my introduction to my fraternity, Kappa Alpha Psi, of which I am now a lifelong member. This designation took diligent work and much time, yet the bonding process I have made with others in the fraternity has linked me to numerous professional opportunities; this is a prime example of bonding in action.
The idea of fraternities is rooted in brotherhood: Honorable achievement in every field of human endeavors. Leveraging these types of relationships can help create and build social capital. As with my fraternity, you want to find a group where you deeply identify with its members and values.
Concepts like brotherhood take on a different meaning as you grow and mature. This continued connection can allow you to work together as a community to pursue a common goal. It helps direct people to the right resources and celebrate achievements, individual or collective.
2. Bridging
Bridging occurs when we connect with individuals different from us based on race, religion, political views, etc. Though similarities may simplify connecting, there are many benefits to bridging the gap between oneself and those with different experiences or perspectives.
Diversity helps us access insights we may not have otherwise obtained. One of my mentors, the first person who hired me after graduating college, was a middle-aged white male. His values surrounding diversity opened the door for me to become the first Black professional employed at that institution.
This connection helped me create relationships that overcame social and racial barriers and received the needed support to grow. In fact, my mentor paid half of the cost for me to pledge to my fraternity. He identified that joining the fraternity would offer me insight into crucial community leadership while representing the college positively.
3. Linking
Linking is the connections made between the internal departments of an organization. While these connections may not always constitute social capital, with proper nurturing, they can blossom into social capital and help you gain a competitive edge.
Linking can be vital in securing critical information, advice and even promotions. In the workplace, linking may appear as cross-departmental work. However, it crosses over into linking once you establish an authentic relationship.
Linking helped me when I founded a statewide association in 2015. I needed to create a board of like-minded professionals, so I connected with individuals across organizations with a common goal of goodwill. These connections have, in turn, empowered thousands of Florida business owners to strive for growth over nearly ten years.
4. Identifying
Many connections are built and maintained due to similarities in social identities. We often are drawn to groups that are familiar to us and have similar experiences; this is an example of “identifying.”
As an example, in 2020, I developed a six-month leadership course for Black professionals. Through this group, individuals were able to share experiences and build solid and lasting relationships. While diversity aids in gaining a wider lens, in some cases, gathering with those who are similar to you may aid in the sense of comfort, understanding and camaraderie that may be otherwise challenging to reach in other groups.
The next time you pursue a professional relationship, I encourage you to consider whether you are bonding, bridging, linking or identifying. No matter which form of social capital you use, it can prove vital to your professional success. Whether you seek education, employment or professional opportunities, social capital can cause immense professional development and create immeasurable value.
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