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The Great Resignation in the US Might Indirectly Help the Coworking Industry

The great resignation in the US doesn’t imply that people are stepping down from their high-level jobs. Actually, it’s more than that. The current workforce is now more interested in working for themselves and building their own empire. Some people quit their stable jobs that bring in six figures a year to start businesses with the hopes of making an impact on society. Therefore, the resignation is not a cause for alarm. However, the great resignation in the US might indirectly help the coworking industry.

The boom of people quitting their jobs to become entrepreneurs is good news for the coworking industry. With more people venturing on their own, shared spaces have made it to the list of top priorities for business owners and freelancers. Perhaps, no negative impact of the resignation crisis in the US will be felt by coworking spaces because the industry is expected to grow in popularity.

Current Scenario

As per the Bureau of Labor Statistics, 4 million Americans quit jobs every month for 11 months in a row during the Great Resignation. This number has only increased since then untill April 2022. With people are rethinking their priorities, it’s a good time for businesses to reflect on how they can make a difference.

Furthermore, during the pandemic, almost every big-shot multinational or budding company offered their employees the option to work from home. As a result, it proved to be not so bad after all; in fact, it soon became the new normal. What erupted as a problem was the post-pandemic situation when people had to go back to their jobs, and employers wanted them in the office five days a week.

A survey by job listings site Flexjobs in April 2021 found that only 58 percent said they would look for a new job if they were asked to return to their office space. This signifies that the majority of the workforce wants an office offering flexible work options, which is where coworking spaces come in. Also, only 2 percent said they would prefer to return, which is a huge jump from conventional thinking.

Hence, people are more comfortable working from home. Morever, they have become used to the freedom and perks that come with it. Also, the pool of amenities and benefits coworking spaces offer is something people now look for in an office. Hence, most people don’t want to return to their old jobs due to all these advantages.

What to Expect in the Future?

The mere incentive of not having to commute every day and the chance to work in a serene environment is good enough for people to want to switch to coworking spaces. Today, workers are used to the thought of flexible work hours, stepping up from the traditional 9-5 job. Also, it gives people the opportunity to network and meet like-minded individuals, which can help them further their careers. 

Undoubtedly, the coworking industry is set to grow and might even replace traditional office space in the future. While it cannot be said for certain that the resignation crisis in the US will have a direct impact on the coworking industry, it is evident that the face of the workforce will switch to a shared space in the future. Consequently, this change will help the coworking industry scale new heights and emerge stronger than ever before.

Not only will this help the coworking industry, but it’s anticipated that many businesses will soon switch to this model. After all, it provides the company with a dedicated space while employees can work from anywhere they want. This way, businesses can cut down on their operating costs, and employees will be happier and more productive. Even though the resignation crisis might have begun as a cause for alarm, it seems like it will soon become an opportunity for businesses to change how they operate.

Conclusion

The great resignation in the US might indirectly help the coworking industry. With more people wanting to work for themselves, the demand for such services is only going to rise. Businesses should make the most of this opportunity and tap into this market while it is still growing. However, the reality may differ from the perceptions and can only be verified over time.

Ajay Deep

Ajay Deep is the brain behind Coworking Mag. He founded this website to help startups and aspiring entrepreneurs find a coworking space in their city. He is a successful entrepreneur who started and scaled a bunch of startups – all from shared office spaces. He has visited hundreds of coworking spaces in different countries and is now an investor in this evergrowing idea of developing new coworking spaces. You may reach Ajay Deep at ajay@authorityventures.com
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