Final answer:
Managers need social capital, which comprises relationships and the ability to relate well to others, to effectively manage and work within a team. It is a nonmonetary resource that can significantly impact a manager's success and facilitate achieving organizational goals.
Step-by-step explanation:
Managers play a crucial role in the workplace, as they have the power to influence job satisfaction and provide growth opportunities. Therefore, to effectively navigate their responsibilities and interactions with others, managers need social capital, which is derived from who managers know and how well they are able to relate to them. Social capital is critical for managers because it enables them to leverage relationships to achieve their goals and assist their team in succeeding.
The French sociologist Pierre Bourdieu's interpretation of capital includes various forms, with social capital being one of them—it represents the nonmonetary resources that one can access through social networks. These resources can be utilized to gain social status or facilitate professional and organizational endeavors. Similarly, networking in elite educational institutions can contribute significantly to an individual's social capital, providing them with opportunities they might not have otherwise had.