The days of sterile workplaces and cubicles are long gone and many experts believe centralized offices aren’t far behind. With brands like WeWork, Industrious, and The Wing popping up offices around the world, corporate co-working is becoming an ever-growing norm.
In fact, according to the latest research, coworking spaces globally are set to double by 2022, and 14 percent of employees at large companies use coworking spaces. By 2030, the coworking and flexible workspaces are expected to represent 30 percent of U.S. office stock.
Coworking, as a public office space devoted to individual work, networking, and occasional collaboration, will continue to grow over the next few years, but what does that mean for the modern workplace? Below, we’ll explore how this shift is affecting office culture and benefiting the corporate world.
Increased Innovation and Productivity
Coworking can actually lead to increased productivity and innovation. When employees of a company work alongside industry innovators and startups, they tend to feel more inspired and more driven. Actually, 84 percent of coworkers say coworking makes them more motivated, and 69 percent say they have obtained new skills from working in this environment.
Every business owner, freelancer, and individual worker wants to cut down its expenditure and increase profits, but real estate is expensive. Plus, other office costs add up quickly—like furniture, utilities, office supplies, brokers fees, down payments, snacks, and drinks.
Corporate coworking, on the contrary, is a cost-effective solution for your professional business needs. Startups with less than 12 employees, in fact, can save about $2,700 per month by turning to a coworking space instead of leasing their own office.
Easy Talent Hunting
Companies have to follow a systematic process and rely on their human resource management departments to hire talented people. Some organizations have to turn to outside help like essay and job posting writers, recruitment consultants, and hiring agencies to source the kind of candidates that they want and need. On the other hand, innovative coworking spaces allow companies to discover talented people in real-time.
Flexibility and Ease for the Workforce
Companies that opt for corporate coworking allow their workforce to choose a preferred workplace near their residence. They enjoy the benefits of working in a flexible environment, making new friends, and achieving company goals without stress.
Although there are innumerable benefits of corporate coworking, there are still some drawbacks that companies should take into consideration before making the switch.
Lack of Privacy
One of the big disadvantages of coworking spaces is the lack of privacy. Most of the coworking spaces have larger rooms and halls where hundreds of people can sit and work in a retrofitted manner. This means that employees won’t enjoy the privacy that they may have received in a more classic office. Finding a last-minute conference or call room might prove difficult as well if there are a lot of people vying for just a few private spaces.
Another disadvantage of coworking spaces is the plethora of distractions, which can create hurdles to a smooth workflow. Corporate coworking workplaces offer perks like game rooms, lounges, bars, gyms, and often host events that can create distractions for employees.
Big corporations have started to take advantage of well-furnished coworking places. Tech giants such as Verizon, IBM, and Microsoft are testing coworking spaces to increase the productivity of their workforce and cut down business expenses. There are plenty of other good reasons to switch to corporate culture coworking, but before your company switches, be sure to evaluate the drawbacks mentioned above.
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