Coworking is no longer a trend; it is a way of working – we know that already!
Let’s unveil some numbers:
- Worldwide there were around 7,800 coworking spaces in operation in 2015. This figure has risen from just three locations ten years previous in 2005, and is predicted to reach 37,000 by the year 2018.
- The frequency of using coworking spaces as main a hub for working has also increased. 73% of members work at a coworking space three times a week and 44% come every day. This is more than a 20% jump comparing statistics from 2014.
The outlook is gung ho in India too.
With an estimated 15 million freelancers operating within the country, India is second only to the United States in regards to the amount of active independent workers worldwide, making it the perfect environment for a new coworking industry to blossom.
While co-working was initially adopted by freelancers and small teams (not bigger than 2-5 members). The trends are changing, coworking is the future, and big teams in big businesses want a piece of it.
Corporate employees are swapping suits for jeans and occupying desks at co-working spaces.In tandem, coworking chains have emerged, offering slick operations.
Let’s look at some advantages and disadvantages of opting for coworking in spite of a big team:
- Ease of infrastructure and day-to-day operations: basic things like Internet, infrastructure and other supporting amenities like meeting rooms, kitchenettes are taken care of. When the basics are out of the way companies can focus on their product or technology. IndiQube, for instance, provides all these features and then some more so that businesses can focus on achieving their goals.
- Work can start from day-1
- Economies of Scale: Coworking spaces usually have beautiful meeting rooms, cafe’s and chill zones which startups in the nascent stage obviously cannot afford. Even if they do end up getting funding and scale up to 30-40 people, it usually doesn’t make sense for them to invest on such facilities.
- Flexibility and scalability: Along with the massive growth of the technology sector the growth of the millennial workforce is set to represent half of the global workforce by 2020. Thus, most industries seek “flexible, non-traditional solutions to meet the demands of their rapid growth.” Conventional lease terms of 3 to 5 years, commonly offered in Asia, do not fit in line with the pace of their growth. Additionally, established MNCs seek flexible solutions and shorter lease terms to address the challenges they face within the current economic climate. Even though some may cost more per square foot in rent, they’re less of a hit to capex. Month-to-month flexibility is also important, particularly for startups. Apart from that, coworking spaces such as IndiQube offers full flexibility in terms of scalability. At any point, should you choose to expand or downsize your team, all you need to do is alter the bookings.
- Networking and Chance to meet investors : Coworking hubs offer a creative working environment with a unique entrepreneurial spirit, where ideas develop, businesses build and relationships evolve.When it comes to entrepreneurship your network determines your net worth. The working culture in itself augments mentoring from coworkers who each have unique skill sets and where it is the norm to help each other out. And with large organizations wanting to rub shoulders with highly talented individuals in these coworking spaces the chances of meeting investors grows exponentially
- Easy to attract talent: Considering you’re working out of a space that is filled with able, like-minded people it’s always easy to find talent for any need you may have. This also has a flipside though; your employees can get poached too!
With very few potential risk factors the benefits far outweigh them.
Why are the big teams jumping onto the bandwagon?
The appeal for blue-chip employees is clear: the vibe is cool, working alongside energetic startups and techies.
The biggest advantage comes with the fact that you are able to build relationships with startups. Startups always look up to the big names for advice (if free, even better!) and By working cheek by jowl with startups, large businesses hope to be better-equipped to spot emerging trends and identify future business opportunities they can cash upon.
Clearly a win-win for all involved!