Big brands and businesses are slowly moving from a traditional office space to a co-working space. Features like expanded adaptability, lowered costs, a greater emphasis on employees work values and the drive towards growth are some of the components that have helped to encourage the trend.
Corporates have their own strategy on how to work in a shared office space. According to a few experts in the industry, more big brands are expected to move to co-working spaces in the next two or three years. Already there are some co-working businesses that have established themselves in every major city in India and are attracting MNC’s and large corporates to open their offices.
But why are big businesses switching to co-working spaces? And what are the advantages that a co-working space offers compared to traditional office spaces. Here are some reasons why big brands are steadily adopting the co-working model.
Less overhead expenditure
CAPEX or Capital Expenditure costs refer to the costs incurred on fixed assets, which are often long term and inflexible. An example of CAPEX is purchasing an office space. Since having an office space alone is not enough to house a business, additionally costs need to be spent in creating a proper working environment. This includes furnishing, HVAC, etc. All this can take away from the business’ capital, that would normally be spent on growing the business
Along with this comes OPEX or Operational Expenditure refers to the expenditure incurred when it comes to maintaining these assets and catering to daily needs.
A co-working space provides cost-effective solutions for expanding businesses and well-established brands. If that isn’t enough, co-working spaces also provide a degree of customization where the client can have the best of both worlds- a space that provides privacy and their own culture and common areas to help encourage collaborations, partnerships or a place to wind after a day at the office.
Networking and privacy in one place
This is particularly important to enterprises that want to safeguard their privacy but still want to know about the innovations happening across different sectors. In a time where the market is evolving at a rapid rate, it becomes all the more important to be aware of new-age businesses and innovations that are going on in the industry.
Co-working spaces help enable this rapid and easy exchange of information. Typical co-working spaces are the ideal place for big brands to stay abreast of all the goings-on in the market.
There are a number of co-working spaces that have tied up with service provides. These tie-ups help to streamline business operations, assist in creating employee programmes and activities and aid in overall productivity. What’s more interesting is that most of the value-adds are free.
For example, some businesses have teams that are often required to travel to different locations for their meetings. These businesses can make use of a travel partner associated with the co-working space at a reduced fee. Then there are businesses that are looking for an insurance plan for its employees which can be expedited by the coworking space.
Co-working spaces are accessible round the clock and have facilities like a cafeteria, wellness rooms, break-out zones and gymnasiums. For companies that stay after hours and burn the midnight oil, this can help to keep employees motivated. The employees become more active and energetic through their work schedules when they’re in a co-working space.
Co-working spaces like WorkEz are capable of suiting the customer’s needs to feel at home, enjoy the ambience of the space they work in, network and learn from others and ultimately increase their overall energy and productivity.