Why Are Enterprises Adopting the Co-Working Model
Co-working spaces have rapidly grown from their humble origins – mostly catering to freelance professionals & startup businesses – to attracting the biggest of enterprises today. The most interesting aspect of this transformation is that it is mostly the enterprises which have had to adapt to the co-working revolution & not the other way around, as is usually the case with business giants.
Nowadays, enterprises like Amazon, Dell & more have several teams operating from shared workspaces, infusing fresh energy & direction to their culture. Not only that, WorkingKulture’s co-working spaces are often the more sensible option financially as well, and provide an unmatched environment to maximise employee satisfaction & productivity.
Here we take a look at 6 reasons why enterprises are increasingly adopting the co-working model:
1. Minimise CAPEX & OPEX costs to maximise business growth
Capital Expenditure (CAPEX) costs are those associated with fixed assets, often factored as long term & inflexible – such as the purchase of office spaces. Of course a bare bones building is insufficient to house an enterprise, and hence the additional costs of turning it into an ideal environment for employees need to be factored in. Furnishing, HVAC, plumbing, etc need to be accounted for, and can take away a big chunk from the capital available for growing the business itself.
Meanwhile Operational Expenditure (OPEX) costs refer to those involved in maintaining assets & catering to daily needs. In addition to actual material costs, this includes salaries paid to maintenance staff, utility bills & more.
Membership at WorkingKulture can be taken on a monthly or annual contract basis, which not only represents on average 50% savings but also peace of mind. These savings can compound themselves when factoring in tax benefits & the opportunity to invest in the right areas for growth.
2. Cater to a new generation of employees & work styles
It’s no secret that the needs of the millennial workforce have drastically shifted away from those of previous generations. The social factor has gained more importance, and organisations that are unable to keep up risk losing their most talented employees to those who do. This is especially applicable to a corporate setup that is often prevalent in enterprises, which can often feel a little bland for the modern taste.
Additionally, with internet connectivity almost being a necessity of life, today professionals work around the clock, coordinating with others around the globe.
Collaborative workspaces provide an environment that is designed with a wide variety of individuals in mind, especially those with a modern approach to work. WorkingKulture is accessible 24×7 with security on site, making the clock an obsolete challenge for enterprises.
3. A perfect mix of privacy & networking
At WorkingKulture, we regularly check in with our members on their experience & adapt ourselves to better it based on feedback. One concern that prospective members have is regarding open spaces, with respect to noise levels and privacy.
While it is true that open spaces tend to be more active & buzzing, they are a great source of growing one’s network as well. Members can always choose to book their space in a private cabin which ensures their privacy but at the same time make the most of the opportunities outside.
This is especially applicable to enterprises which have important trade secrets to safeguard but at the same time need to stay abreast of innovation that’s happening outside their doors. In an era where a startup with a better product can easily disrupt the largest of businesses, those that fail to keep their ears to the ground risk falling behind.
Shared workspaces are the perfect platform for large organisations to keep in touch with the pulse of the market.
4. Attract & retain top talent
For businesses that have employees numbering in the thousands, churn & attrition are a fact of life. However, the best remain at the top of their game by ensuring that the cream of the crop stays with them for as long as possible.
Traditionally, this has been tied to material incentives, titles etc – which are all methods of one-shot appeasement as opposed to providing an environment which makes employees feel motivated & valued on a daily basis.
On the contrary, co-working spaces are designed with the intention to break this monotony and deviate from the routine. To keep their members engaged & fresh every day. In fact, here’s an interesting read on 6 ways in which co-working at WorkingKulture can completely transform your team’s experience at work.
5. Explore new markets & further innovation
Enterprise businesses are constantly exploring new avenues of growth – whether it be in a new geographic market, department or simply furthering innovation on existing products. This requires that teams engaged on such projects deviate from standard thinking to find out-of-the-box ideas & methods that fit local markets.
In such cases, it can be a risk to make heavy investments into large assets – whether it’s local office space or long term commitments that tie the organisation down. This is where several enterprises have chosen the co-working route, providing affordability without any compromise on the quality of experience they would like for their employees or clientele.
In fact, teams working out of shared spaces are more likely to participate in the exchange of ideas outside their organisation, perhaps inspiring the next breakthrough for the enterprise.
6. Flexible memberships provide… flexibility
One of the biggest advantages for, yet simultaneously challenge faced by a large enterprise is its own size – meaning decisions have to be deliberate & slow, lest they cause unforeseen outcomes. This can be especially challenging when it comes to decisions on large assets such as real estate – where a purchase can imply lockdown for many decades into the future. With markets changing at the pace with which they do today, a single such decision can potentially make or break the business, at least locally.
On the contrary, co-working spaces provide maximum flexibility. At WorkingKulture, you have the freedom to upscale, downscale, move in, move out, move back in and more, all as per your requirement. A security deposit corresponding to only one month’s membership fee adds to this flexibility, allowing decisions to be made quicker and changed just as quickly without much to lose out on at all.
7. Completely Customized workspace solutions
If an office that matches your personality is your thing, we’ve got you covered. Our team will help you customize the workspace according to your choice, such that your team finds them at home when you move in with us. You get to choose between branding, privacy, security, layouts & more. It’s really a workspace just for you!
Our spaces are designed with everybody in mind – from the freelancer to the enterprise team manager. It is entirely what you make of it that defines your experience with us. Get in touch with us today to explore the potential of co-working to give your business a boost!