To help their workforce beat both internal and external heat, co-working spaces are offering herbal waters, spa, gymnasium, urban sleeping pods, gaming zones, basketball courts, and frustration zones.
Sudeep Singh, co-founder of GoWork, one of the largest co-working capacity talks to BW Businessworld about the pro and cons of co-working spaces, along with its effect on employees.
How to get the most out of a co-working space?
Co-working spaces, essentially provide 3 things that make them a popular phenomenon- competitively priced infrastructure, plenty of networking opportunities, and a relaxed work environment. Organizations need to be able to optimize their co-working experience by utilizing the resources available to the fullest. Furthermore, entrepreneurs should get involved within the co-working community and socialize rather than just interact for business-specific purposes. By involving a business with the community, an organization stands a better chance of making the most of the diverse amount of talent, skill and resources available within a co-working space.
Lastly, an organization should try and blend in with the modern-day work culture associated with co-working spaces. They should try and incorporate elements of co-working spaces within their work style, such as dedicated meditation, relaxation and fun zones, open-air work spaces, highly engaging and stress reducing events.
What are some of the issues that come up with co-working spaces?
The initial warming up to an unrestricted working culture such as that offered by a co-working space takes some time. Companies are used to certain restrictions and protocol oriented functioning that is sometimes at odds with the essentially collaborative nature of co-working. However, after considering the numerous benefits available, in terms of reduced costs, higher flexibility, minimum hassles, higher networking opportunities and ease of doing business, entrepreneurs are increasingly opting for this latest revolution in global work culture.
Co-working space providers who rent a place find it difficult to modify the property according to the needs of their clients. Understanding this pain point, we have adopted an ownership model, thus giving our clients built-to-suit workspace with more freedom of reconstructing it per their specific demands.
How useful or important can be co-working spaces for entrepreneurs?
By providing a space, co-working offers entrepreneurs a chance to synchronize their growth needs with the available resources. By opting for a co-working space, an entrepreneur does not have to commit to realty and thereby saves the expenses that go into infrastructure and technology back-up.
It also offers entrepreneurs looking to slowly diversify their business or expand into newer markets, a chance to operate on a lean model, by employing a limited amount of employees and providing them with perks. By focusing on distributed costs for individual benefit and preparation of a space that thrives on social interaction, co-working spaces bring out the strength of Unity in Diversity in the workplace.
Modern professionals have two spaces in their lives, one is home and the other is office. Everyone keeps switching between the two, trying to maintain equilibrium. At GoWork, our aim is to provide our clients a workspace, infused with productivity element that comes with a day pass which is any day cheaper than any coffee shop in the country.
How does co-working space affect the local economy?
Co-working spaces easily help businesses to establish and expand their operations in tier-II and III cities, thereby enriching the local economy. It gives a great boost to businesses located away from start-up hubs to initiate their operations by providing quality infrastructural and communication facilities while charging much less. Another major factor is allowing great flexibility to the businesses to upsize and downsize their operations to ensure the growth and survival of an organization.
Additionally, it also helps local landowners and real estate developers to provide high quality projects that suit the sensibilities of the millennial generation who do not like to compromise on the fun factor while working. Thus, the development of co-working spaces also gives local tourism and indigenous business segments a great chance to expand their target audience and reach out to newer customers as well as markets.
Why choose co-working spaces?
The first and foremost reason to choose a collaborative campus is cost reduction. Be it a start-up, SMB or a large corporate entity, realty and technology backup are the major expenses in any company’s balance sheet. Through co-working, businesses any bring it down to 15 to 30 percent. Another advantage is unparalleled flexibility. Co-working spaces are innovating their offerings as per the varied lifestyle preferences of millenials to help businesses with employee retention.
Time management, efficiency and productivity are some of the parameters that impact a business positively, and these factors have also improved remarkably for businesses across the globe opting for co-working spaces.
Does co-working help better health of employees?
Co-working spaces developed with a focus on employee health, have a positive impact on holistic wellness of their employees. Sports activities and other dedicated fun zones as well as frustration zones have been found to have a high impact upon the health and mind of millenials, who are always keen to avail these offerings. Assistance facilities such as pet care and crèches for working mothers and single fathers have greatly reduced the stress so popular among modern professionals.
Essentially, co-working spaces today are also combining the speed of communication with the need for relaxation and entertainment felt by the professionals. Initiatives such as pet play days, group vacations add further color to the life of the employees, providing them with an ideal avenue to create engaging peer communities of employees.
This article was originally published in: http://businessworld.in