The current workforce is unlike any other to have existed in the history and might just create a new name for itself as ‘Workforce 2.0’. This talent pool, comprising of predominantly the millennial population suggests, or rather, demands flexibility, innovation and quality approach to work that is bringing shift in several existing paradigms. One such vertical is office spaces. An office campus or space pretty much shapes up the work paradigm of an organisation, reflecting on the productivity of all the stakeholders. Co-Working office spaces are bringing forth a revelation of working norms that is challenging the status quo of working class phenomena.
So what are Co-Working spaces? Co-Working spaces or also known as Shared Office Spaces have been a concept in existence since the 1960s, only that they solely worked as community aggregators at the epicentre for science and technology. However, the idea took a firm root only in the recent decade and is colliding with the idea of high rentals, maintenance, stiff working hours, rigid regulations and many others This industry, being an epitome of work-freedom module, is propelled by the large wave of freelance professionals (the U.S, India and EU are well established Gig Economies comprise of 57.3 million, 12 million and nine million freelancers respectively), start-ups (100 million every year) and even established corporate organisations looking to reduce their overhead expenses, improve their infrastructure and enjoy the flexibility of readily available work collaterals.
It can be argued that freelance work can be well established on literally the home ground. Many conventional freelancers would bring up the fact of unnecessary expense when they can work from the comforts and cost efficiency of their home. However, we can bring forward the argument of employee productivity. The personal and professional growth co-working space members is often attributed to the interaction, and diverse & collaborative thought processing among them that makes co-working spaces so unique. After all, one cannot bounce ideas off chairs and walls can they? Co-working office spaces are taking away the existing legumes of exorbitant capital investment, rent hassles and replacing them with the positive shoots of the much required ‘Plug & Play’ work methodology.
It can observed that the growth of this upcoming sector has taken a major leap and this can proved by the statistics indicating that the number of co-working spaces around the world has increased by nearly 700 per cent since 2011 and globally, an estimated half a million people work in more than 7,800 shared workspaces today.
A Light among the Conventional Murk
Segregated into an array of categories, co-working spaces have something for everyone. For instance, educational spaces offer the handy due of workplace plus courses while on the other hand, the interesting concept of co-living space blends in corporate culture with hospitality, rising as the perfect one-stop solution for the busy and nomad professionals. While these are only two of different segments, coworking spaces are not only office locations but community builders that bring together stakeholders from different industries and engage in true interactive sessions through meetups and events.
Not only limited to events and infrastructural progress, several co-working members have experienced a holistic growth in their productivity and work performance. As per a study conducted by global organisations, open spaces, ventilation, light, creative-minimal art does bring in a fresh perspective for the workers that have positively attributed their professional growth. In fact, the fresh approach of co-working spaces has improved a majorly with focus on employee referrals, quality hiring, and technology deployment (especially analytics & big data). In a world where temporary employment is no more frowned upon but encouraged for its diversity and varied intellect, co-working spaces yet again play a crucial role in bring at the epoch of this new employee behaviour.
By 2025, industries like agritech, food tech, IoT and many more are predicted to experience a multi-fold growth that would require not only the conventional workspace but product rooms, testing labs and many more. This growing requirement holds a promising future for the co-working spaces, especially the vertical oriented members which is projected to catapult the industry’s growth to a phenomenal level. With the increase in business ventures and innovative approach, several markets will get a facelift in terms of their operations, and being born from an entrepreneurial vision itself, the co-working industry holds the baton to evolve with them and take charge for a more not-so-quintessential work paradigm.
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