The recent surge in corporate’s transition towards hybrid policies has created a favourable climate for thriving coworking spaces for the workforce. With offices moving more towards convenience and flexibility to allow improved productivity of the workforce, the hybrid culture has brought about a new direction within the corporate world and the industry has become more receptive to changing trends to accommodate growing need for a better work-life balance.
A well-defined hybrid policy offers a balanced routine to employees who can split their work hours per instructions between remote and assigned office location. This arrangement especially assists professionals handling multiple responsibilities at work and home. This policy is especially a boon for working women, the hybrid policy advocates for a balanced routine that enables a healthier mindset, better productivity, and creative brainstorming so outcomes are positive and met on time.
A Nasscom report stated that 70% of the Indian companies have either already adopted or are about to adopt the hybrid work models. This spike in trend has been led by a cultural shift that prioritizes a healthy work-life balance over the hustling and workaholic culture of the past decade.
With numerous new and established organizations setting up a hybrid routine to enable better work life balance for teams across different locations, the hybrid work policy has made work routines more impactful for employees. With the time the employees are saving on the commute, the same can be better invested in other more fruitful tasks like leisure time or for a mental break. Moreover, this availability of time with the hybrid culture also helps in pursuing other educational interests and upskilling so employees can better perform at work. When the employees are more relaxed in a setting of their choice, preferably closer to residence so the commute doesn’t stress them out, it will automatically lead to a spike in better professional outcomes.
With the corporate culture’s growing focus on improved balance between work and personal life to enable growth, the trends have resulted in higher demand for coworking setup. This growth in the demand for such spaces can be best attributed to the diverse set of amenities offered like spacious and vibrant seating space.
A report by Mordor Intelligence stated that flexible workspaces have seen demand double in the last 4 years. Another report by Mckinsey stated that 70% of the workforce feels that their work defines their sense of purpose in life. Not only do the hybrid work policies make it easy for the employees to be more productive, they also help improve the diversity in the talent pool of the organization.
Flexible work spaces make it easy for organizations to set up smaller units in multiple locations as this helps in reducing the cost involved. Normally, the organization would have to start from scratch, begin with leasing or purchasing the land and then ensure that construction or the space. The coworking space solves this issue by offering existing space for professionals so the organization can immediately start operations and start getting the relevant team in place. Low-cost setup and swift availability make the coworking option a preferable one, leading to a boost in demand.
Flexible workspaces not only open the door to multiple teams but also bring a wider talent pool in one space, enabling professionals to connect and collaborate better. With these networking opportunities available, organizations find it easier to locate suitable talent close by and can work on enabling improved output for different processes and functions within the organization through a collaborative effort.
This need for networking arose after the startup wave took over the country around over a decade ago. Since then, numerous new organizations that have now become household names began working from such flexible workspaces to accommodate small and growing teams. Not only has the trend continued to foster and nurture new talent, it also helps in building stronger employee-organization relationships by providing a single space for various teams.
With the latest shift on work-life balance for optimum productivity, it’s important for the work space to look and feel positive. The younger generation of professionals is more attuned to the fulfilling and mindful idea of work focusing on soothing and inspiring visuals. It also helps in keeping the mood and energy of the space upbeat, thus improving overall energy and team morale. Now that remote work has become a norm, the coworking option also helps in improving a sense of community among professionals who might feel disconnected from the team owing to the distance within remote work settings. Owing to multiple reasons, employees might not be able to relocate to organizations’ headquarters location but moving to a coworking location nearby will foster the sentiment of the community.
The rise of coworking culture is strongly attributed to the modern corporate culture and ease of mobility that the young workforce has come to demand with a work life balance. Gone are the days when professionals sought redundant desk jobs. With creative careers having become the norm for the most, the need for vibrant and eclectic spaces bringing together a diverse pool of talent is integral.
