Wherever you are in the world today, as long as you’re connected to the Internet, you can get work done. Employees like you and I now thrive in a work-from-anywhere future where we have more flexibility to “live your dream without quitting your day job”.
This gave rise to the global growth of coworking spaces that have become the next best option for remote workers, entrepreneurs, startups, and corporate teams to collaborate and work effectively while being distributed.
Growth of the Coworking Concept
The number of people using coworking spaces across the globe has increased by 26.8 percent, reaching over 2.45 million coworkers at the end of 2021. With an estimated $500 billion spent each year on the space-as-a-service concept, it comes as no surprise that the use of coworking arrangements is rising, alongside the costs of commercial real estate (CRE).
Although some businesses have yet to embrace the idea of coworking, it is catching on fast among remote workers. Coworking spaces provide various advantages, especially the ability to schedule your day and meetings more productively at your convenience. Commercial real estate and remote employees both profit from the unique concept of coworking, which offers freedom and flexibility.
How Coworking has Transformed the World of Work
Out with the old and in with the new; business practices have been transformed by the space-as-a-service model. The flexibility and convenience of remote work not only offers worker autonomy, but also encourages more interaction and networking among its members as companies shift away from the classic office setting of individual cubicles.
More emphasis is also put on how (the process) rather than on where employees’ get their work done. Coworking spaces break down the walls for greater accessibility to find support, resources, and open communication. When combined with cloud computing, it results in greater work efficiency and a more productive working experience.
Why Coworking is Here to Stay
Coworking spaces provide a professional setting, yet an open environment that’s comfortable enough for coworkers to mingle and network. It offers a collaborative atmosphere, inviting entrepreneurs and teams to connect, be creative, and simultaneously have private offices for intimate discussions and meetings.
Shared spaces have been proven to have a positive impact on employees well-being, mainly because of the social and community atmosphere, as compared to traditional offices or a home office.
In addition, the cost-effectiveness of renting a coworking space is favourable to businesses of all sizes. Founders and CEOs can keep their wallets happy while enjoying a large office space that comes with various facilities, since maintenance costs can easily be offset.
Making Work a More Meaningful Activity
In today's workplace, adaptability is desired above all else. Coworking allows for the integration of flexible work schedules without sacrificing quality. Because of the improved versatility they offer, coworking spaces make it possible to get more work done with fewer limitations on time.
Furthermore, businesses are seeing the value of coworking as an alternative to a traditional workplace setting. It’s considered a third way between working in a conventional office and self-employed working from home or in public places.
The coworking space culture of helping each other out also adds on to the appeal, as there are many opportunities for members to do so. Having a variety of workers in the space means that coworkers have unique skill sets that they can provide to other community members.
Cutting Major Costs While Supporting a Remote Workforce
Firms that rent commercial office spaces continue to bear the same costs no matter a pandemic, expansion or downsize. In recent years, it has become a priority to secure workspaces that are less costly while being more welcoming.
Coworking removes a major cost – leasing office space, for companies and changes it into a service model. Using this approach increases worker adaptability while lowering lease costs for companies and maintaining positive employee well-being.
When it comes to fulfilling individual workers' demands, there is tons of competition in the marketplace as a result of the growing popularity of coworking sites, which only means more choices for you to choose from!
Read more: How To Choose A Coworking Space Fit For You
Boosting Employee Morale
Nowadays, workers are no longer constrained by traditional workday rituals. Casual is the style in a coworking setting (which is also why startups thrive in our spaces!). The upshot of this transformation is an environment that is less conventional and offers employees a much more hospitable working community.
Employees are free to work whenever and wherever they choose, inducing transparency between manager and teams, increasing efficiency and productivity.
Downsides to Consider
Inevitably, disadvantages would exist in different coworking spaces as facilities and working environments vary, and satisfaction is dependent on coworkers’ preferences.
Common environmental concerns include noise and distraction, poor privacy, lighting and glare, and poorer temperature control. Some companies might also experience higher staff turnover, close competitions or lack of status concerns. These would affect the overall health, satisfaction, and social relationships of employees.
Coworkers should research and book tours before making an informed decision to work in a coworking space, and must take into account that factors such as reduced privacy, noise, and interruptions can be present.
Despite negative experiences, coworking has become an increasingly important concept in the business world as more professionals take into account the amplified need for workplace flexibility and high cost of CRE.
Are you a remote worker who has cabin fever? If so, you certainly are not alone, as many companies and entrepreneurs are taking advantage of coworking facilities.
Maybe you’re part of a business that is trying to cut costs, or wish to improve the remote team situation. Ultimately, coworking spaces allow individuals and businesses alike to experience a more meaningful work life.
Found8 is the leading coworking space provider and second home to an extensive community seeking collaboration and growth opportunities. We pride ourselves in delivering high-touch customer service underpinned by care.
This article was contributed by Brandon Schwin. Schwin has been involved with creating and managing coworking spaces for the past twelve years. He now wants to share his experience and knowledge with others.