Why Big Companies Are Making the Switch to Coworking
When you think of coworking spaces you probably picture a group of young entrepreneurs, freelancers, and start-ups working side by side in an office. But as coworking has grown in popularity the clientele has evolved and leading companies are starting to recognize coworking spaces as a place they can utilize to solve problems that they face. These include companies such as IBM, Microsoft, Bank of America, and Starbucks. Why are larger companies making the move to coworking?
Employees from large companies feed off the energy, motivation, and great ideas they see everyday while working side by side with entrepreneurs, free lancers, and start-ups. This inspires them to work harder and come up with ideas for more creative solutions. It also unlocks a powerful resource for problem solving as they can use an outside the box perspective for approaching challenges.
According to statistics compiled by officevibe:
64% of coworkers are better able to complete tasks on time
68% said they were better able to concentrate while coworking
70% reported feeling healthier than in a traditional office setting - less sick days means more productivity
Increased Employee Morale
Studies have found that remote workers can feel isolated, unsatisfied with their work-life balance, and left out or shunned by their coworkers. By setting their remote workers up with spaces in coworking spaces, companies are making sure their workers are part of a community, achieve a better work-life balance, and find a sense of value in their work.
Statistics compiled in the officevibe article linked above also show:
92% of people are satisfied with their coworking space
60% are more relaxed at home since coworking
90% felt more confident while coworking
Usually when a company sets up office space they need to spend time finding the right office for them, sign a costly and long term lease, plan the layout, furnish the space, and pay the bills. With coworking, the space handles the leg work for the company, providing a fully furnished all inclusive space to the employees. All they need to bring is a laptop. This saves the company valuable time and money.
Flexibility and Convenience
Coworking spaces allow companies to pay for the desks that they need. That means as they grow or contract they can adjust what they are paying, as opposed to having a set fee they are paying to lease an office. This gives companies an advantage as they are not wasting money on unused office space, and expanding doesn't require a significant investment in a new space.
Recruit from Diverse Geographic Locations
Coworking allows companies to recruit employees from areas outside the cities where they have established offices. This allows them to select the best candidates from a diverse pool of candidates, as they can set up employees with space in a local coworking office and work remotely instead of requiring them to relocate. This gives companies access to a diverse group of candidates and allows them to hire the best talent available regardless of location.
As coworking continues to grow in popularity, many leading companies will continue to embrace it as an office solution. With the benefits to employee morale and productivity, and to the company in terms of cost savings, and improved recruitment it is a win-win situation.