![]() ![]() At the individual level, they may offer coaching and mentorship to employees on ways to boost engagement and connections in the workplace. At the organization level, for instance, business leaders may embed network or community-building requirements into performance evaluations. Do employees have what they need (such as time, resources, and skills) to build and maintain those networks and relationships?īased on this assessment, leaders can use multiple levers and a combination of organizational and individual initiatives to build or strengthen connections in the workplace. ![]() Do employees have access to the networks and relationships they are looking ![]() Are employees motivated to build and maintain relationships, and are they in an environment that encourages such relationship building? Adler and Seok-Woo Kwon, “Social capital: Prospects for a new concept,” Academy of Management Review, January 2002.: They can start by assessing the company’s social capital along three dimensions 7 Paul S. It’s imperative, then, that business leaders manage social capital in the same way they manage financial, human, and other forms of corporate capital: systematically and intentionally. 6 Sundiatu Dixon-Fyle, Kevin Dolan, Vivian Hunt, Sara Prince, Diversity wins: How inclusion matters, McKinsey, May 19, 2020. In a postpandemic environment, referrals, personal connections, and perceptions of how inclusive and communal a company is will loom ever larger in people’s decisions about where to look for work-and whether to stay at their current jobs. and companies can experience significant productivity and knowledge losses. Their employers, meanwhile, are left to manage the financial and opportunity costs associated with this level of attrition-according to Gallup, for example, the cost of replacing an individual employee can range from one-half to two times that employee’s annual salary, 5 Shane Mcfeely and Ben Wigert, “This fixable problem costs US businesses $1 trillion,” Gallup, March 13, 2019. Are you searching the right talent pools?,” McKinsey Quarterly, July 13, 2022. 4 Aaron De Smet, Bonnie Dowling, Bryan Hancock, and Bill Schaninger, “ The Great Attrition is making hiring harder. In McKinsey’s most recent Great Attrition research, for instance, nearly two out of five employees in a global sample spanning about 13,000 workers in six countries across 16 industries say they are considering leaving their jobs within the next three to six months. The decline is concerning, especially at a time when employees around the world are continuing to leave jobs at unprecedented rates, often without another in hand, despite a looming economic downturn. especially women and frontline workers-report that they are connecting with others less frequently, have smaller networks, and spend less time and effort on relationship building since the start of the pandemic. More than three-quarters of the respondents working in “traditional” roles 3 A “traditional” role refers to a full-time job at a single company rather than a part-time, contract, or gig position with multiple companies. 2 The survey was administered in March 2022 to 5,583 US workers 93 percent of the respondents were employed full time, 73 percent worked in the private sector, and 51 percent were women. We recently surveyed about 5,500 US workers on the state of their internal and external networks and connections. Since the onset of the COVID-19 pandemic, however, connections in the workplace have been in short supply. Social capital matters to an organization’s performance. ![]() Granovetter, “The strength of weak ties,” American Journal of Sociology, May 1973, Volume 78, Number 6. When colleagues trust their managers and one another, they tend to be more engaged, more willing to go beyond minimum work requirements, more likely to stick around, and, as research shows, more likely to recommend that others join their organization. When teams feel connected, they tend to get more work done and do it faster. Social capital-or the presence of networks, relationships, shared norms, and trust among individuals, teams, and business leaders-is the glue that holds organizations together. ![]()
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