Coworking spaces have trended in recent years due to their collaborative approach towards work life. It is the practice of using offices as communal breeding grounds for innovation through the collaboration of young and capable entrepreneurs and the sharing of resources like ideas and equipment.
Perks of Coworking Spaces
Coworking creates a hassle-free environment for the owners and staff as it opposes the conventional style of using office spaces to work. As of 2017, there were 15,500 workspaces around the world, which shows the high demand in real estate that can work as an effective coworking space.
Coworking spaces create synergy among people with diverse backgrounds and work experience. They offer a productive and creative social environment for IT professionals, graphic designers, and artists alike. The main concern about coworking is its impact on a firm’s values. It displays the importance of working in sync with your coworkers, ensuring everyone is updated at all times. As of April 2018, researchers have predicted that there will be more than 30,432 coworking spaces and more than 5.1 million people working in coworking spaces by 2022.
It is ideally the best-case scenario for firms and entrepreneurs operating on a small scale, including both existing firms and startups. However, coworking isn’t just for SMEs (Small Medium Enterprises), but also for those looking to bolster a diverse and interconnected working environment.
Due to the diversity in professions found at a coworking space, it becomes easier to get stuff done; instead of looking for a web developer online, you could just ask the freelancer sitting opposite you if he or she can take on your project.
There are various reasons as to why employees tend to thrive and prosper in a coworking environment:
1. Surrounded by Like-Minded People
Working with like-minded people increases the chance of completing your tasks accurately. It encourages people to look for quick solutions through effective communication. Additionally, working together entails the acquisition of diverse knowledge and many add-on skills that can be added to an employee’s portfolio.
Coworking allows people to step out of their comfort zones and participate in different projects, thus affording them the chance of increased exposure and helping them open up to new experiences. A digital marketer who has a sufficient amount of content marketing and SEO (Search Engine Optimization) knowledge may end up sharing a workstation with a graphic designer and learning a thing or two about how SEO plays a big role in web design.
The continuous flow of information and interaction helps people feel valued due to the interdependence afforded by coworking spaces. It gives them the feeling of belonging, which, as set by Maslow’s hierarchy of needs comes right before self-achievement and actualization; this tactic is also used as an incentive by employers. In addition to this, the environment ensures employees never run into road blocks or lack creativity and productivity.
4. Cost efficiency
Running a small firm requires a smaller investment as compared to large corporate offices. With coworking, SMEs only need to spend money on laptops and devices that they need for their core operations – instead of having to buy everything, from air conditioning to furniture. Consequently, this helps entrepreneurs save an ample amount of money to utilize solely on the enhancement of projects.
Coworking promotes a work-life balance and allows autonomy over an indvidual’s time. People can choose whether to complete their tasks simultaneously or by taking breaks in between to avoid exhaustion. Most coworking spaces have plenty of recreational activities and are open 24/7 so as to allow flexibility in work timings.
Coworking encourages workers to mingle with coworkers or people from different organizations and industries. Furthermore, it creates avenues for the furthering of your business, as it hosts a variety of individuals. Intangible and tangible resources alike can be pooled together to ensure maximum efficiency and effectiveness.
Coworking has been booming for quite some time, and many organizations have gone above and beyond in making changes to their work culture and style. Coworking has also created opportunities for those who prefer working in an environment without the formalities posed by bureaucracy. Coworking has been able to increase employee morale and productivity – proving that even with limited resources, there is always a way to do better.