Why Big Businesses Are Switching To Co-Working Spaces

Co-working spaces have been very popular all around the world, creating a silent revolution in the corporate world. People in all kinds of fields, at all levels of their career and all tiers of business and corporate world, are trying it out and some have come to love it so much that their entire office setup is often taken over by the co-working space. The flexible, non-office, and the modern and cool environment win the hearts of all. Although when a co-working space is thought of, people usually visualize start-ups and freelancers the truth however is that most of these spaces are keenly occupied by the bigger companies who are looking to branch out into new cities or countries even. Yes! These companies are the ones who have openly welcomed co-working spaces with open hearts and hands.

There is a big trend of a growing trend of big corporations taking advantage of the benefits that the co-working spaces have to offer. Even though these corporate giants are most likely to have their company office buildings but they are hugely in for of the co-working spaces, which the numbers show. Companies like IBM, Microsoft, and Verizon are testing the use of co-working spaces for employees so they can be close to and easily interact with innovative start-ups. Now we are going to look at some of the reasons why we are seeing a hike in the numbers of these corporate giants opting for co-working spaces:

  • Ease of Access to Innovators and Innovations

As we touched on this one before, some of the major tech companies that choose to opt for co-working spaces, do so to get closer to where the innovation is happening. Co-working spaces tend to have a social and collaborative element and feature a traditional office in a more relaxing atmosphere. This gives large corporations access to start-ups with industry-changing ideas and new talent and partnerships.

  • Improved Productivity

Cubicles and cabins create a physical and mental gap between the employees, which can take a toll on their motivation to work and give their best. When the manager, the boss, and the intern all sit at the same table and work side-by-side with each other the general productivity of the employees grow and work is done in better harmony. When the Boss and the intern work at the same table, the formality and hesitation the newbies might have can be easily conveyed and it also makes it easier to get things done in a friendlier manner without putting pressure, which keeps the employee motivated and keeps them from staying in the bed the next day.

  • Cost-Effectiveness

One of the biggest reasons why no matter if you are a new start-up or a freelancer or a creative or a big business branching out, the co-working spaces have been seeing a boom and have become a cult favorite of the corporates is its cost-effectiveness. No matter the size of your business and the size of your staff, no doubt opting for a co-working space can save you a lot of money. Instead of having to buy an office space, pay for its paperwork, pay the property tax, then buy furniture, pay the utilities, buy equipment, and whatnot, before you can get started with the real work, you can just choose to pay a monthly fee and not only save a lot of money but also get started right away.

  • A community of like-minded Individuals

As per the Deloitte Global Millennial Survey 2019, 47 percent of millennials aspire to make a positive impact on communities. Nearly 15 percent are dissatisfied with the work culture and 49 percent of millennials would, if they could and had a choice, quit their jobs in the coming two years. So there is no denying that the needs of the millennial workforce have drastically shifted away from those of the previous generations.

This is a generation that believes in working for a cause and believes that they can bring about change in the communities they come from and enriching the lives for the better.

Keeping this in mind and understanding that millennial is a very open-minded generation and the gen-Z are just going to amplify this; employees need to focus on learning and knowledge-based workshop, emphasis on inclusion as well as diversity in the workplace and focus on enriching the lives of their employees and the communities around.

Co-working spaces cater to this informality in connection building and communication within the teams and encourage team members to work in a close-knit work and result-driven approach and also aim to work with a purpose and be for the better of the community. Community thinking is a big part of all kinds of businesses– be in start-ups, SMEs, or large enterprise, it is deep-rooted in the human DNA. This community thinking and working for the general good and better emphasized and encouraged in co-working spaces.

  • The Balance of privacy and networking

A co-working space strikes the perfect balance between privacy and networking. It is because you get a lot of personal space to work and conduct your board meetings and get your company going but also gives you the chance to meet new people and get new projects. Collaborate and work together on different creative projects.

So you have your personal space and also get to meet and know new people and new companies and do new things.

  • Meaningful Partnerships

Businesses thrive because of strong and meaningful partnerships. Co-working spaces offer more than just spaces to work in, they offer the chance to meet new people and also the chance to organize and participate in events that cater to the mutual good and then in turn, the prosperity of the nation. Many co-working spaces have tie-ups with service providers that help in streamlining business operations, aid productivity, and assist with employee programs, and also getting the customer’s direct feedback and then constant optimization and improvement. These tie-ups help in streamlining a lot of components of production and helps with effortless easing the process out. These tie-ups help in HR services, travel and employee accommodation, legal help, and much more.

  • Inspiration and Creativity

Having to deal with numbers is one thing and being able to create is another. To be able to create, you will constantly look and feel the need for inspiration because creativity is not predictable and as easy to articulate. So being surrounded by people who create, deriving motivation and inspiration becomes easier and accessible. The chill and non-office look and aura of the co-working spaces are some of the things which draw people to co-working spaces.

So in the above article, we discussed what it is that drives big businesses to comparatively more modern co-working spaces.

Everything you need to know about co-working spaces, please do write to us at info@o-launchpad.com and call us @+91 8884446544.

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