SOCIAL CURRENCY
The first time I heard the term “social currency” was in my Human Behavior course while pursuing my psychology degree. The key word, “currency,” immediately clued me in to what the concept is, ‘an exchange of something among people.’ However, the term ‘social’ perked my interest because it relates to society or an organization as a thing (noun) that enjoys other people. I began to seriously question how something like behavior could be exchanged among people.
Social Currency is the “personal assets and attributes of an individual that help succeed in interactive social channels” (techtarget.com). This term was predominantly used in online social networks but has now extended to real-life and hybrid online/physical environments (e.g., parasocial relationships). Finally, there is a term that describes the actions of individuals previously labeled as social butterflies, hangers-on, busybodies, nosy people, social climbers, and upwardly mobile people – it is exactly what those described above have been building, collecting, or obtaining – social Currency.
Social Currency gives people power, wealth, status, connections, and companionship, and fulfills the need to belong to certain groups or social circles. People can be divided into two groups: achievement and social. People who fall into the achiever category tend to be doers and derive their validation from achieving goals and objectives. While others who fall into this social category receive their sense of validation by making social connections, it’s not what they do but whom they know that satisfies them. These two groups tend to have uneasy relationships with each other. I am not saying the two categories of people can’t get along, but if the individuals don’t recognize their groups, let’s say there will be a lot of butting heads.
The value of social Currency is invaluable to some people because it gives them recognition within the social hierarchy. For example, in high school, there are stereotyped groupings of jocks, nerds, goths, etc., where individuals in these groups have a sense of placement on the social ladder. The group most favored sits at the top of the social hierarchy, so individuals within that group have power and influence among their peers at school. This perceived power and influence can, and often does, carry over into social circles outside the educational setting, where individuals in these groups are treated in certain ways in religious social gatherings, communities, and governmental entities. For our ‘social butterflies,’ this way of life is easier and more beneficial in meeting their basic life needs.
In contrast, our ‘achievers’ find that the way to receive validation or fulfill the need to belong is through doing. These individuals tend to be the top performers in school, at work, or among their social groups. Achievers are often ‘type A’ personalities because they focus on being highly organized, highly aware of time management, and can be aggressive, ambitious, and more competitive. Achievers are doers and, as such, in work environments are labeled ‘A-level workers.’ These individuals get things done and are mostly sought out and prized; their value is placed on their accomplishments. In both categories, a sense of being valued, valid, and credible is most sought after. When an employee feels valued by the organization or group, it provides a sense of self-worth and of being needed. Validity is given to employees within these categories as they receive a sense of acceptance or soundness in their existence within the groups or organizations. Credibility is also given when the employees feel they are trusted and believed in their work or social graces.
Social currencies are most evident in the workplace. We all have that one worker or co-worker who seems to thrive, not because of their work. Everyone likes them (or has convinced themselves they do), mentions them, and engages with them daily. These individuals tend to be what some professionals label as B-level workers. They stay with the company longer, do the work, and appear to have resources others don’t. This applies to social environments as well and is more visible on social media and other online platforms. You know, as in those ‘Facebook/Meta friends, LinkedIn connections, YouTube subscribers, and Instagram followers’ – these interactions are ‘social currency’; pick the right ones and the world is your oyster.
Unfortunately, there is a dark side to social Currency, just as there is an ugly side to any form of Currency. As the saying goes, money is the root of all evil, and absolute power corrupts absolutely. In the workplace, social butterflies/B-level employees also tend to be troublemakers, spread gossip, and cause chaos, thereby creating negative workplace environments. These workers, who thrive on social Currency, do not generate business or boost productivity in the office and only produce enough work to stay in good standing. The achievers can be self-promoting, not team-oriented, and leave companies for greener pastures. Achievers can also utilize some of the social person’s attributes to create chaos within workplace environments, but often as vehicles to achieve higher goals. Achievers know how to match their work output to social output to achieve greater success, but remember it is at the cost of others. Social Currency can propel the individual as well as the company, but it can also be the downfall of both if not used carefully. Social CuCurrencyan create both positive and negative reputations based purely on perception. It’s best to be aware of who is who.
Leaders need to be aware of the concept of social Currency not only because it applies to individuals but also to companies and organizations. Leaders need to know how to use and manage social Currency to work in favor of the team, the company, and the organization, not against them. Understanding social Currency enables leaders to navigate certain work environments and create beneficial workplace cultures. I highly recommend that all leaders not ignore the value and perception of social Currency, as it is now the Currency of the realm.
By Nick Higgins
