People need all kinds of relationships to thrive: partners, acquaintances, colleagues, and family. Research by Michael Norton and Alison Wood Brooks offers new reasons to pick up the phone and reconnect with that old friend from home
The classic advice to investors is to diversify—put wealth into a combination of assets. Perhaps some cash goes into mutual funds, some in blue chips, and a little in growth stocks, spreading out risk as well as opportunity.
What if people thought about investments in social relationships the same way? A group of researchers recently considered that idea in a new study, concluding that variety is a crucial ingredient.
“We wanted to examine what would be the optimal mix of people to talk to over any time period,†says Harvard Business School Professor Michael Norton. “We only have a certain amount of time that we can spend socially, so what are the implications of who we spend that time with for our well-being?â€
The study, published in the Proceedings of the National Academy of Sciences in October, found that much like when investing money, diversification is key when investing in relationships. The study offers new ideas for quiet quitters who are contemplating the meaning of happiness and fulfillment amid pandemic burnout. In addition to Norton, the authors include HBS doctoral student Hanne Collins, HBS Professor Alison Wood Brooks, and researchers from the University of Virginia’s Darden School of Business and Esade Business School in Barcelona.
This article was provided with permission from Harvard Business School Working Knowledge.