Why Switching to Coworking Spaces Are Right Fit for Your Business?

Most metropolitan cities face a major issue of traffic congestion. Commuting consumes unreasonable time on the road and hampers employees’ productivity, motivation, and enthusiasm. Since it leads to severe exhaustion, prolonged time on the roads eventually results in low performance, employee dissatisfaction, and potential resignations.

The Silicon Valley and IT hub of India, Bangalore, was recently drowned in unprecedented rains that led to a massive loss to all industries as the employees were stuck in the traffic for long hours. According to the news by the Hindustan Times, “the flood on August 30 which brought parts of Bengaluru to its knees led to a loss of about Rs 225 crore on a single day as employees were stuck in the traffic for 5 hours.”

Bengaluru is the most traffic-congested city in the world. Peak time commuters in Bengaluru spend an extra 10 days and three hours stuck in traffic each year, compared to the time they would have taken if they were commuting during uncongested conditions. That’s an extra 71% of travel time.
Source – Hindustan Times
Read Full Article – ₹225 crore loss in B’luru IT firms as employees stuck in traffic for 5 hours

Needless to say, the working methods have to change with the times, and employers should explore coworking spaces. This not only keeps the employees satisfied, productive and motivated but eventually results in higher profits as well.

Why Consider Switching to Coworking Spaces?

Coworking spaces are a new staple of the workday. These membership-based workspaces host a diverse mix of freelancers, startup teams, businesses, and independent professionals.
The rising adoption rate of such places signals that work roles are diversifying. People want to take up projects with different businesses and maintain a professional routine without sacrificing autonomy.
Another reason why businesses are now looking to opt for coworking spaces is employee satisfaction. According to various studies, employees seem to have higher productivity and
satisfaction while working in coworking spaces. The Covid-19 pandemic has shown how important it is to address the needs of employees. Apparently, coworking spaces have become a way to do just that.
Many giants like Salesforce, Starbucks, Microsoft, Facebook, and Bank of America have
adopted the coworking work mode.

Let’s look at some of the benefits of coworking spaces that can help you determine if they are a good idea for your business growth.

1. Enhanced Productivity
2. Cost-effective
3. Exposure to Innovation
4. Robust Support System
5. More Autonomy

1. Enhanced Productivity

Working hard motivates working hard. Teams typically have a strong sense of unity in corporate settings. Together, they put in a lot of effort, take breaks, and work on projects. In a coworking setting, where teams are surrounded by other people or teams who are also hard at work, this “herd mentality” is shattered.
Your company can increase productivity significantly with a minor configuration tweak, all without involving HR. This leads to fewer administrative and operational hassles for employers and better employee performance.

2. Cost-effective

It is difficult to predict the number of new members joining an organization in advance. Corporate businesses typically buy or lease more space than they need. Increasing the already available space is almost impossible to make room for more hires.
The solution to this problem is a coworking space. Pay-per-use models and flexible lease options allow you to only pay for the space you use, saving you money on extra space. When your business brings on more employees, you concurrently increase the number of offices and cubicles in your plan to accommodate them. For companies with a large employee base and those expanding, the idea of flexible offices is a significant financial saver.
This model lets you accommodate your company’s growing needs and saves the employer om the stress of moving out or dislocating again.

3. Exposure to Innovation

Coworking spaces offer a lot of skill diversity, growth, and innovation. Due to this, progress is fueled by your organization’s ability to identify the right talent and assist in addressing the problems fast. The present workforce is significantly psychologically impacted by this and is motivated to upskill.
This exposure and upskilling prepare the employees for future industry demands and the employer witnesses a significant business expansion.

4. Robust Support System

Coworking spaces are built to create an atmosphere of support and collaboration. An unrelated group of teams, ventures, and individuals working in a single space means that there is no office politics to contend with. Nobody is trying to beat you to get a promotion or a better salary because everyone is working on their separate projects. Moreover, due to the community aspect of coworking spaces, people are willing to help each other. A diverse set of people means that there is a diverse set of skills available in the same place. Working among unique individuals in such a positive and supportive environment can strengthen one’s work identity and self-worth.
The coworking spaces ensure that all your office needs are looked after, and there is help available round the clock in case you need any assistance.

5. More Autonomy

Most studies show that employees seek more flexibility in the workplace. Coworking spaces are built keeping flexibility in mind. Especially after the Covid-19 pandemic, a need for flexibility and control over work has been felt. Coworking spaces provide the solution to achieving those standards while boosting productivity.
You can work during any hours of the day, including night. You can choose to work long hours or take a break in the middle of the day without having to answer to anyone. This way, people have greater control over their work.

It has been seen that too much autonomy concerning work can curb productivity and motivation. This is simply due to a lack of a set routine. Therefore, working in a coworking space can address the issue of flexibility and autonomy and provide a fixed routine for professionals. Being part of a community will motivate you to work, but the amount of work you do will depend solely on you. This is mutually beneficial for the company as well as its employees.