Large corporations embrace the flexible co-working model
According to a recent research article by Prof. Tim Mahlberg (University of Sydney), large multi-national corporations prefer working at flexible co-working spaces. Microsoft jumped on this trend in 2016 when they announced several of their employees would join WeWork. After this, many other fortune 500 companies followed suit.
25% of WeWork’s annual revenue comes from members like Facebook, Starbucks and Bank of America. These names speak for themselves, which begs the questions, why are large businesses opting for co-working spaces over their own office centres?
There are many reasons why large businesses go for the co-working model:
1. Opportunity for businesses
Major companies have one thing in common; big ideas and creative minds. Co-working spaces host a large variety of people from different industries and backgrounds. Hence, this gives businesses the opportunity to engage with new talent and gain more insights about their line of work. Additionally, it also helps attract new clients. For example, a company like Microsoft can target start ups and smaller developers to subscribe to their products. Since Microsoft is such a trusted company, they have a higher chance of getting leads, which ultimately plays out to influence the bottom line.
2. Flexibility & convenience
Another factor that large corporations acknowledge that the 9-5 work schedule is on the decline. It is estimated that around 74% percent of millennials and 94% of baby boomers want a flexible work schedule. This is why the idea of a co-working space seems more appealing to workers, as it features 24/7 access to meeting rooms and work desks. Additionally, co-working spaces already have in built facilities and infrastructure. These include the latest telecommunications equipment, smart internal networks, fast wifi and ergonomic furniture. It’s also easy for large companies to book several offices at once, as it saves them the money and hassle of building a stand alone office.
All these amenities combined prove to be a better option for top businesses.
3. Workforce wellbeing
Being part of a multi-national organisation often entails working a high pressure job and long hours. This is why big corporations actively look for ways to cultivate a positive work culture so that they can retain staff. Indeed, opting for a co-working space in this case, is a great solution. Co-working spaces provide an environment where workers can interact, network and positively build connections that surpass the standard “work chat”. It also gives workers the chance to collaborate and learn from one another, which can help boost productivity and overall wellbeing. With all these benefits, workers are guaranteed to perform better for the company and achieve the desired results.
Co-working spaces are proof that business goes beyond the materialistic and monetary. It’s about the mission and value adding to an employees life as well, which is something that workers actively need and look for. Hence, while the co-working model gains more traction, it’s bound to be chosen by more global corporations.