With the onset of the worldwide pandemic of Covid-19, businesses were hard pressed to withstand the economic impact. While some industries suffered, most adapted to a more flexible way of working, shifting to a remote working model. This in turn boosted the coworking space industry that is now consequently at the forefront of hybrid work.
While the effects of the pandemic are still being taken in, the changes underwent by work culture are not hard to notice, with pre-pandemic standards combining with the new normal of telecommuting. As a result, the remote working model has been combined with on-site working to provide a more productive means of work for employees.
The coworking industry has ample opportunities to grow; however, it’s always best to keep track of everything when studying the market. Therefore, let’s analyze the prospects to provide insight on how coworking spaces can amplify hybrid work.
What is a Hybrid Work Model?
The hybrid work model is a crossover between the work from home (WFH) model and the previous standard of working in-office. The whole point of hybrid work is to allow employees to choose their workplace based on when they feel the most productive, besides offering more schedule flexibility.
While some companies recalled their employees to the office, the advantages of remote work were still evident. As a result, many companies instead turned to a hybrid work model, where a company can provide alternate remote and on-site working days. The decision on which days of the week an employee or team needs to come to the office is either up to managers or to employees themselves.
In this regard, hybrid work is the new and evolved form of the remote working being a necessity during the pandemic. And, since telecommuters — either those working remote permanently or hybrid workers — will naturally prefer to work in spaces that help their productivity, coworking spaces have seen a surge in popularity alongside the wide adoption of remote and hybrid work.
Why Coworking Spaces are the Future
Coworking spaces have always been a haven for telecommuters, freelancers and other digital nomads. Now, with the hybrid work model trending, these spaces are providing benefits for employers and employees alike. Here are some reasons reasons why the coworking space industry may be at the forefront of the hybrid work model in the future:
A good change from the home environment
While being mostly viewed as a positive experience, remote work during the pandemic did have its negatives. More specifically, employees experienced more mental health issues such as anxiety, depression or feelings of isolation. This fact in conjunction with distractions at home occasionally resulted in drops in productivity.
To avoid these negative effects, increasing numbers of remote workers turned to coworking spaces. These spaces are proving to be way better than working from home, providing a professional setting that boosts productivity. In addition, the coworking spaces proved to be a morale booster for employees, allowed them to expand their network while also providing them autonomy in how they work.
Flexible plans for varying company sizes
Coworking offices allow companies to scale their office footprint in line with their growth. Businesses can opt for coworking spaces and choose from their different plans to fit their needs, with the added advantage of being able to rightsize down the line. For example, a small-scale company with a handful of employees can choose a smaller plan and only pay for the hours they use the space. As the company grows, it can always choose to upgrade its plans.
Save where it matters the most
Pandemic or not, every business looks to cut costs while remaining profitable. Coworking spaces offer businesses an excellent opportunity to save money on infrastructure and cut operational costs.
Additionally, these spaces are ideal for startups still trying make a name for themselves on the market. With almost no infrastructure costs, the core team can network and collaborate in these shared spaces, some of which also include incubators and startup mentors. Furthermore, the best part about working in shared workspaces is that they function without tenuous long-term contracts and leases.
Get access to the best talents
The hybrid working model has also given businesses a competitive advantage where they can hire a wider talent pool globally. Foreign employees with great skills in their niche can work adequately in a remote model through a coworking space membership, irrespective of the varying time zones.
Moreover, businesses can access the appropriate mix of talents working from coworking spaces. Companies can hire them based on their work or just form an on-site partnership/contract for a project.
Taken together, these reasons paint an image of a bright future for coworking spaces in the hybrid work economy. The marriage of remote working and on-site working models has provided businesses a breath of fresh air and improved employee retention, with talent that wants to strike a balance between on-site and remote work being more likely to look for companies that offer a hybrid work model.
Moreover, businesses can afford office amenities on an as-need basis rather than on future predictions. For instance, a company can choose not to build a meeting or conference room in the office spaces they operate, instead booking one from a coworking space on an hourly basis, saving costs if the conference room is not a long-term need.
If you would like to learn more about choosing the right coworking according to your needs, here’s a good read: How to Choose the Right Coworking Space for Your Work Needs.