Question

Question: What is social capital? how social capital contribute to Human capital development?

i.e. how social capital promotes human capital development?

Social capital is regarded as another asset that can be used by individuals or groups to contribute to their economic and social advancement, just as human capital (education and health). (In this aspect explain the answer to the question in 800 words.)

Answer 1

Ans

Social capital refers to the shared norms , values and beliefs among the groups that facilitates cooperation among them.

Example:

ZZ Company has the social capital in the form of teams which shares the common values , beliefs and norms for the achievement of organizational goal.

Below mentioned are the ways in which social capital contributes to the human resource development:

1. Learning from experiences.

Social capital creates a learning environment in the organization by promoting interactions among individuals which leads to sharing of experiences regarding solving a particular problem or providing an best alternative for the achievement of the organizational goal.

2. Development of knowledge and skills.

Social capital leads to the development of skills in the individuals which are necessary for the achievement of the organizational goal. As the social capital allows to develop necessary skills and knowledge by developing social networks with shared interest and goals.Thus working in teams develop necessary skills in individuals.

3. Creativity.

Social capital helps in development of creativity in the individuals through the interactions among the social groups of common interest and developing creative solutions by contributions of ideas for the achievement of the organizational goal.

4. Enhances Performance.

Social capital enhances the performance of individuals by using web services for the reviews of people for controlling the quality of their work thus enhacing their performance. It aslo helps in comparing the performance of teams and high performing team serve as a base for improvement of performance to low performing teams.

5. Develops them for future.

Social capital develops individuals for the future opportunities and offers them better chances of promotion. Since social capital is all about getting connected with the relevant social groups and extracting necesaary information from them which helps in developing for the future opportunities.