Remote, flex, hybrid and other non-traditional work styles are no longer a quiet revolution in the workplace. More and more, big companies are ditching the traditional way of work—along with their leases—and switching to a coworking model, utilizing flexible coworking space on an as-needed basis.
The workplace is becoming more flex-oriented and decentralized by the day, thanks to shifting employee needs and attitudes.
The coworking model is driven by an aim to create a positive work-life balance in the everyday lives of employees—which, in turn, has been shown to boost productivity and overall job satisfaction. But the switch to coworking provides even more benefits for companies, helping them save on operating expenses while maintaining credibility.
Read on to discover some of the key reasons big corporations are leaving the traditional office space behind and are moving into coworking spaces.
Coworking space is more affordable
It can often come as a surprise to many companies, and their executive teams, that coworking space is much more affordable than buying or leasing a traditional office.
Coworking is a budget-friendly option because it makes much more sense to rent coworking space month-to-month, rather than maintain a bloated lease for space you might not use. This is especially true if your company is in the early stages of existence, since a down payment for office space can put a huge dent in your overhead. By renting coworking space as you need it, you can set up shop without extensive risk.
It's also important to think beyond the space itself, to everything needed to furnish it.
Shared workspaces are already fully equipped with premium-quality desks, chairs, filing cabinets, and even breakroom facilities complete with essential appliances like coffee makers and water coolers. Rather than fronting the bill for a full suite of office furniture—not to mention spending the time to select it—you can join a coworking facility and get the entire team right to work without these worries.
Finally, when your business chooses the coworking model over renting a traditional office space, you don’t have utilities or insurance payments to worry about. You won’t have to cover water or electricity bills; internet and connectivity charges or even repairs to machines or equipment. Simply move right in and enjoy a comfortable, convenient work environment without all the overhead.
Flex and hybrid work are the new norm
Even with the global pandemic in the rear-view mirror, it’s harder than ever to get teams to come back into the office thanks to evolving societal attitudes regarding work. Employees have gotten used to remote work, and they’re craving the flexibility to work where and when they want. Hybrid work empowers employees to work to their strengths and gives them the opportunity to find the work-life balance they crave, which in turn boosts productivity.
Coworking space gives employees the best of both worlds in terms of autonomous, remote work and in-office work opportunities. Now, they have the ability to stay home and take care of business—both in terms of work and family life—with the option to come into the physical office when it’s best for them and for their group.
When it’s time for some in-person collaboration or brainstorming, or when your project managers need to get the team together for an important status update, companies and employees can count on a coworking environment that supports them—when and where they need it.
Distributed teams need decentralized access
With more companies transitioning to a hybrid work model, management teams are becoming much more decentralized. Not only are companies adopting this strategy to future-proof their business, it’s also improving employees’ overall job satisfaction, too.
Instead of one headquarters in a major city, companies are decentralizing their workforce. It gives a company’s employees the opportunity for hybrid/flex work, and it also opens them up to new, potentially exceptional talent that just might live far from the business’ home base.
Now, companies can reserve coworking space in multiple hubs or locations, in several cities, to support distributed teams. It’s a flexible way to bring regional teams together for some valuable in-person facetime whenever it’s needed.
Better networking and access to talent
Coworking spaces are shared spaces, which means you’ll be working side-by-side—but not too close—with professionals and colleagues from a wide range of organizations. The coworking experience often fosters a natural synergy between its various tenants.
Social contact is inevitable in a coworking space. At some point, you and your group will get a chance to collaborate or even provide your services to your fellow tenants. When you consider how many potential new contacts you could reach, this element alone could make a big impact on your business’ bottom line.
Improved scalability for businesses
Scalability is essential for today’s businesses, allowing them to grow and boost their revenue without being held back by lack of resources or rigid structures. Businesses that are scalable can rapidly adapt to an increased workload or market demands, which is critical in today’s fast-paced, globalized economy.
Without a lease, it’s easier for businesses to scale in terms of space. They’re able to grow and shrink their space based on employee utilization, so they’re never paying to lease space they don’t need. That money is easily allocated elsewhere, put behind initiatives that help the company expand its reach, build its brand and capture more market share—and eventually, need a larger office space.
Coworking makes better sense of critical overhead
Coworking space is the flexible office solution of the future. Now, businesses of all sizes can secure the space they need when and where they need it, without the expensive overhead costs that come with a traditional lease.
Coworking is becoming the norm for more and more employees, and it shows no signs of stopping. Modern coworking spaces provide both the facilities and the human interaction that remote working lacks. They offer a convenient blend of modern technology—like super-fast Wi-Fi and a healthy, sanitary workspace—and a venue to socialize and collaborate with like-minded people. Coworking makes sense on every level, from an employee-focused standpoint to your company’s bottom line.
Find a coworking space near you and enjoy the future of work today!
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