Coworking initially came as a disruption in the conventional corporate system as a creative haven for freelancers and small startups. It offered less-established professionals the opportunity to have a fixed base and be a part of the working community.
But now, the system offers more than just flexibility and collaboration. The evolution is mainly because, for a corporate seeking to maintain its competitive edge by integrating innovation into its traditional practice, it needs to promote out-of-the-box thinking, and attract youthful talent. Since millennials are often deterred by the prospect of losing their creative freedom to the ‘constraints of the greater organization,’ being based in a coworking space is a happy medium.
Shared office spaces bring out enhanced productivity, creativity, conquer loneliness, make it easier to adopt and stick to healthier habits and offer an overall satisfying work atmosphere. Their growing preference reflects the changing aspirations of young employees, and hence, there is a need for corporates to make strides in the coworking sphere.
Here are some major reasons why corporates are considering coworking culture:
- The Cost Factor
When it comes to big companies trying to enter into new markets, the initial setup is usually agile and the budget is usually limited. In such scenarios, shared workspaces make for a sensible choice. The right coworking space is affordable and comes with built-in amenities, in contrast to renting an exclusive office block which is bland and expensive.
Even when the team expands, coworking allows the flexibility to add space on-demand.
- Reduced Logistics: Separate yet together
An increasing demand to move sales and marketing teams out of the main offices and closer to client locations is another reason why big companies are opting for coworking culture.
Large companies prefer to have small teams working out of coworking centres so they are closer to potential customers such as startups. They move whole departments and take up several floors of particularly large coworking spaces. This “separate yet together” strategy allows the corporate to maintain a sense of privacy and distinct organizational culture.
- Breezy Recruitment and Work-Life Balance
A coworking space may actually be a talent pool. There is a great opportunity to communicate in real rather than virtual, so the scope of an efficient employment network increases exponentially.
Moreover, a centralized location is convenient for the entire staff and saves their commute time, ensuring their greater work satisfaction.
- The Energy Rub: A ‘hotbed’ for Innovation
With an explosion of laptop-wielding workers spilling out of their dedicated spaces to colonise cafes, hotel lobbies and even the hills, more and more corporations have started to realize that coworking spaces are a hotbed of innovation with the potential to catalyze change and foster innovation in the future.
Variety helps everyone. Big companies believe that by sitting next to startups the startup culture rubs off on them.
Giants like banks or telecom companies that lag in technology or experimentation can benefit greatly by collaborating with highly energized, growing startups.
Another approach is to use coworking spaces for off-site training. The benefit of this is that there is a contact between full-time employees and external creative team, as well as new technologies and developments at a manageable cost.
All in all, corporates are increasingly partnering with coworking spaces to ensure that they stay on top of technological innovations and yet have an ear to the ground to monitor potential disruptions in their industry through potential acquisition targets. A coworking culture provides them everything at one place.