Reasons Why Co-working is Fast Becoming Mainstream
Co-working for Enterprises, which started out as an innovative, exciting office set-up for start-ups and young professionals, is increasingly becoming mainstream. With 69% of global corporates planning to increase utilization of co-working spaces over the next 3 years, co-working is here to stay.
With land prices going up, especially in tech-hubs of major cities across the globe, SMEs often don’t have access to the same rates of funding as large corporations. This is where managed spaces are coming to the rescue, both for the economy and your business!
In India as well, there is a whole new generation of employees looking for office spaces conducive to interaction and relaxation as well as productivity, innovation and networking. Co-working for Enterprises offer all of this, and there is also an indication that a better working environment enhances productivity levels in general, making it a win-win situation for both employees and the employer.
Save on real estate and lease costs
A survey by Economic Times tells us that you can save at least 75% on your fixed rent — such as the refundable deposit, furniture, installation of gadgets and appliances — in major cities like Mumbai, Chennai, Pune and Kolkata. You can save 40-60% in other cities like Bangalore, Hyderabad and Delhi. You also save on monthly costs, such as salaries of maintenance technicians and administration, electricity, Wi-Fi, etc.
This large chunk of your investment is then better used on building your business when you opt for co-working offices over traditional leased spaces.
Flexibility: Pay as you go, as you grow
Unlike traditional spaces, the lock-in period at a co-working spaces offers flexibility. They are well aware of the unpredictability at start-ups and new businesses, which is why you can pay as you go, as you grow.
Moreover, co-working offices are supportive of short-term commitments. So you no longer need to design your business model on the basis of your long lease! You can even choose to pay monthly or quarterly instead of yearly.
Co-working spaces come equipped with all the infrastructure you could need already in place – right from ergonomically designed workspaces to fast running Wi-Fi and electricity. All you have to do is take your laptop, plug it in, and start working!
You also have access to conference rooms, canteens and gaming zones for relaxation as well as technical and administrative staff at your service.
Better productivity for employees
87% of employees, according to a survey by the Mobility Initiative at IBM, believe that their productivity and effectiveness on the job increased in a co-working space. Statistics aside, co-working spaces are more conducive to overall happiness as well
Such places offer opportunity for networking and valuable interactions within and across industries. As people from different businesses engage and connect, there is room for creativity and fulfilment, and the competitive environment of a traditional office is replaced by well-meaning relationships instead.
According to this survey, when workers have more control over their choices and can schedule their work on their own, they are happier and healthier.
Today’s generation of young employees prioritises flexible timings over all else. After all, when you in charge of your own schedule, you can be your most productive while achieving a good work-life balance.
Access to more facilities
This factor alone can give co-working spaces the winning edge over traditional office setups. Without any investment or planning on your thought, when you switch to a co-working setup you gain access to facilities. From better internet, food and entertainment zones, to gaming parlours and relaxation spas, your employees can have it all.
Spending time away from the work desk actually sparks new, creative ideas. This also
ensures that the breaks employees take actually enable them to concentrate better when they return to work, and eventually reduce the attrition rate at your company as well.
Co-working for Enterprises: A new trend
For those looking to set up new offices, co-working spaces offer it all. Even traditional offices that want to evolve with the times are learning from them, and looking to offer their employees the space to think and truly be themselves.
A report by Knight Frank India shows that co-working spaces are better attuned to today’s economic environment where business planning needs are more short-term. These spaces provide the freedom to expand and downsize according to market conditions.
Flexible floor space is growing at 35.7% per year in India, and there are about 200 co-working players running the Indian market today. This number is expected to triple in the next few years — this tells us that co-working is no longer just for Start-ups, SMEs and freelancers, but has made it mainstream.