More than any other generation, millennials, who will make up about 75 percent of the workforce by 2025, cite work-life balance as an important factor in choosing a job. So, companies that want to attract and retain top talent have to find ways to support a better work-life balance for their employees. In many cases, that means letting go of the idea of business-as-usual and embracing the ways in which technology and innovation can keep people connected and productive.
One such innovation that has been gaining traction over the past decade is the idea of shared or flexible workspace. Also known as coworking, these types of workspaces offer the flexibility that millennials crave and could mean a huge shift in the way the millennial workforce lives and works.
Coworking spaces are all-inclusive office spaces that give employees and companies more freedom and flexibility than traditional commercial office space. Flexible workspaces offer a variety of space options, from a single workspace to temporary or permanent space for hundreds of workers. Coworking spaces give employees and companies access to a variety of amenities that can include everything from coffee and event space to networking events, business lunches and administrative support. In most cases, coworking spaces are turnkey setups and include furniture, internet and phone, kitchen facilities, and everything an employee needs to work seamlessly. Most workers can just bring in their laptop and start working in minutes.
Depending on the location, coworking lease terms can be as flexible as the locations themselves. Some locations operate on a membership plan, providing a certain number of hours or days per month of usage. Other setups offer unlimited use for a set price, pay-as-you-go systems, or private office options.
Since they are designed for smaller teams and freelancers, many coworking providers have found success serving smaller markets, like medium-sized cities and suburbs, in addition to their presence throughout major cities. It’s this availability both throughout and outside of the major metropolitan centers that is creating much buzz about the ways in which coworking could change the future of work. Having access to a flexible workspace just a few miles from home, instead of battling traffic for a difficult commute every day is becoming much more attractive to many employees in today’s workforce. Paired with the advancements in technology that allow almost all daily work to be completed from anywhere, employees and employers alike are considering new ways to embrace this shift in what a workplace has to be.
Alongside the potential shift away from a normal eight-hour work day in a centralized office could also come a fundamental change in the way people balance their lives with work. If employees have more location independence regarding work, many people may choose to live in more remote or less expensive areas. Without the consideration of a regular commute, many people could choose to live in smaller communities or suburbs farther away from their job. The freedom to live farther away from work could mean that more people could purchase homes, save more money, and have more time with their families. With coworking spaces available in more locations than ever, and growing all the time, employees could still work in a professional office environment and significantly reduce the time they spend commuting to work which, for the average American, equals more than 200 hours per year driving to and from work.
Although much long-term planning for businesses will have to wait until the worst of the coronavirus crisis has passed, there’s no doubt that this pandemic has significantly accelerated the potential shift to a workforce that is more remote and location independent. Together, workers and companies have demonstrated that productivity and efficiency don’t have to suffer just because employees aren’t all working in a single location. This proof has many companies reconsidering their policies on workplace dynamics and requirements, since there are a lot of potential benefits for employers as well. Having a larger number of employees who work remotely can significantly reduce costs for employers in a variety of ways, including lower costs for office space, reduced costs for office supplies and equipment, lower insurance costs, and more. In addition, happier employees are more productive when they are working, which means employers could see increased productivity and efficiency across the board.
The Covid-19 pandemic has many employers in a wait-and-see mode while the crisis plays out. However, there’s no doubt that remote work has proven itself to be a reliable, effective, and productive solution. Given that, the potential for coworking spaces to provide a win-win scenario where employees can work closer to home without the distractions of actually working from home is enormous. This shift could be a huge victory for employees and employers alike and create a fundamental change in ways in which much of the world does business.
If you’re ready to offer your employees more remote working options in Houston, the services and amenities offered at Ranch Office are top-of-the-line. Ranch Office offers a variety of membership options all designed to work for everyone from freelancers to traveling executives and more. We even offer virtual office solutions.
All of our in-house membership options come with 24/7 access which allows for ultimate flexibility when determining your schedule. Ready to learn more about what we bring to the table? Check out Ranch Office’s membership options and schedule a tour of our facilities today.