According to Business Insider, Microsoft has moved 30% of the workforce in New York to co-working spaces to connect better. Additionally, they also announced their own version of co-working spaces.
A recent study shows global companies are taking the advantage of coworking office spaces and their benefits. Tech giants like Verizon and IBM are testing the waters to see whether it goes hand in hand with the present circumstances.
Now, the question is why it will be effective to move into a coworking space? Let’s find the answer.
What is a co-working space?
Co-working spaces recently emerged all over the world, especially in India. People hailing from different backgrounds can enjoy the flexibility of a non-office environment with office amenities. It has the amenities like fast internet, printing, and other effective media of communication. It helps to congregate together in the same place.
Why are global companies moving to co-working office spaces?
- Improvement of productivity– According to the experts, if any employee works together with startups and industry investors, it helps them to provide motivation for hatching up their next steps. The positive ambiance and collective mentality help to fuel up productivity under given circumstances. That is why global companies want to take advantage of co-working office spaces.
- Convenience and flexibility– Most of the global companies let their employees either use co-working office spaces or work normally in a regular office. Employees can choose the option they want. They can choose the location based on the errands which they need to run after work. The shorter the commute time, the more one can concentrate on the work. It means increased productivity which ultimately helps the entire team to perform better.
- Cost-effective– Co-working spaces help to keep the wallet fat as everything, rent, utilities and amenities, are one low charge. That is why global companies are moving into co-working office spaces. Instead of paying a large monthly amount, companies just need to pay a ⅓ monthly fee which covers all the facilities of having a co-working space.
- Work-life balance– Most of the coworking spaces are found in major cities like Kolkata. These space bridge the communication and transportation gap, with the help of its tech-centered solutions and reinforce your work identity like never before. Therefore, an employee can give his 100% irrespective of the situation.
- Collaboration opportunities– Most global companies give utmost importance to networking that would maximize the productivity of the employees who are working relentlessly. In a coworking space, a casual discussion can lead to any big ideas as there are people to brainstorm with. Working in close proximity gives birth to rapid collaboration. If there is any issue regarding work, then it can be fixed after a thorough discussion with the other active members of the coworking space. For example, if you start working from Beginest, a coworking space in Bangalore, you’d get to connect to more people from the community and with their help bring new ideas to the table every now and then.
- Risk mitigation– Working on a larger workspace involves facing multiple challenges including agreement renewal, setting down the costs, and deciding over design elements and furniture, and other hidden fees. In a nutshell, there are huge expenses associated with a larger workspace. On the contrary, most of the co-working space handles things like agreements, front-desk services, furniture, and other utilities. Therefore, the cost of the entire system can be reduced to one-third that also reduces the balance sheet liabilities. In turn, businesses can choose the right things, while concentrating on their work to the fullest.
- Beautiful design – Is cost savings only the key factor to get success? The answer would be “no”, as there are certain factors that include employee effectiveness and productivity. Additionally, a positive work environment is also the key factor for workspace change. For hiring fresh talent, an adequate workspace plays an important role. To the new generation workforce, a fluid manner of appeal works best. It helps them to work coherently and to unstuck themselves from time to time. According to the experts, millennials can compromise on financial perks if they get the chance to work in an open and collaborative atmosphere. On that note, most of the co-working spaces may have the local outlook to arouse the urge of working amid significant work pressure. Most of the co-working spaces also have the option of customization so that the large companies can get their office space as per their requirement.
Few facts regarding coworking market size & its subsequent growth
- By 2025,co-working office spaces may reach a market size of 13.03 billion. It means the industry will grow at an annual rate of 12%.
- By 2024, nearly 5 million people will work from co-working spaces.
- 77% of the co-working spaces are planning to expand their operations soon to meet the ongoing demand.
- 90% of the co-working space members are happy while working from co-working spaces. This helps them to walk through the new avenue that has been created through successful collaboration with the other employees.
- 84% of members are satisfied with the improved work culture. It gives them immense motivation which ultimately leads to enhanced work engagement.
Now that you’ve seen how co-working spaces are beneficial for global companies, it’s time to answer one simple question. Are you going to book your space?