The coworking space isn’t just for startups and freelancers. Large companies like Instagram and Uber began in coworking spaces, leading many to sit up and take notice of the possibilities and opportunities found in coworking offices. Increasingly, large corporations are embracing coworking office spaces for their employees. Companies like IBM, Facebook, and Bank of America are turning the traditional business place model on its head and embracing the coworking space life.
Coworking has been around since the 1990s. With so many jobs primarily relying on a computer and internet access, centralized offices are no longer a requirement. Many companies discovered how much people could accomplish working from home during the pandemic, normalizing remote work. Work-from-home situations are less than ideal, however. Not only is there a lack of definition between work life and home life, but also working from home can also lead to feelings of depression and loneliness.
For an increasing number of big corporations, coworking spaces provide employees with an opportunity to work in an office environment without requiring them to come to a traditional single-business office. Companies are discovering the many benefits to utilizing a coworking space, making the coworking space a tantalizing option for big corporations.
The Money-Saving Option
Even the largest corporations want to save money. Saved money is money that can be put to other uses, such as investments or company growth. With the coworking space, corporations of all sizes can save money by eliminating the need to use funds for real estate. The short-term lease at a coworking space prevents the loss of funds that would be incurred by breaking a standard office’s long-term lease if a corporation needs to grow or reduce their staff.
The savings don’t stop there. These companies also save on office equipment and furniture costs, since standard office furniture like desks, chairs, and filing cabinets are provided by the coworking space office. With corporate coworking spaces, companies also save on maintenance costs such as office cleaning, office cleaning supplies, general office supplies, kitchen staples, and utility costs. When something malfunctions, the coworking space office takes care of scheduling and paying for the repair or replacement.
The most valuable perk may be access to conference rooms. At The Ranch, our conference rooms are equipped with comfortable seating and state-of-the-art technology. Whether a company needs to hold a standard meeting or a video conference, the technology they need is ready for use. The Ranch staff is available to answer questions or assist with setup as needed. By taking advantage of the membership’s reasonable rental fee, corporations can hold impressive and professional meetings without the expense of equipment or upkeep.
Community Atmosphere
Traditional offices have served corporations well for years. Times are changing, however. With near-constant use of the internet as a means of connection, many feel they live in a less personally-connected world. This is sometimes emphasized by the closed nature of a traditional office. People see the same people who have the same expectations and work in the same space every day.
At a coworking space, the day-to-day dynamic is very different. Workers have the flexibility to move around not just daily but throughout the day as well. Depending on their membership level, someone at The Ranch can start working in a semi-private office, grab a bite to eat in the community space, spend some time on the patio, and complete their workday at a hot desk surrounded by the hustle and bustle of their coworkers.
Unlike traditional offices, coworking spaces go out of their way to create social areas that encourage networking. The relaxed atmosphere encourages people to be themselves and not feel constrained by the pressure of a formal office. There is enough routine and normalcy in the workday to ensure quality work is done, and workers have enough autonomy to feel more personally invested in their accomplishments and reputation. For many, this is a winning combination.
The Coworking Culture
Despite the increase in corporation coworking, the culture of coworking spaces remains solid. Entrepreneurs, freelancers, and creative startups found homes at coworking spaces over the last several years. Creativity and motivation are still key cultural elements. As big corporations move in, they’re discovering this untapped supply of energy is invigorating their employees and revitalizing their sense of purpose.
When a budding entrepreneur is rubbing elbows with someone from a major corporation, unexpected opportunities and innovations may result. This collaborative environment helps grow ideas faster and in unanticipated ways.
Through networking events, coworkers at The Ranch can meet other freelancers and business owners and discuss strategies, ideas, and business life. The environment is relaxed and welcoming; nothing is forced. Friendships and partnerships are made in a no-pressure environment in which everyone can just be themselves.
Available Talent Pool
The opportunities for socialization and networking make obvious the amazing talent working alongside or very close. Using talent from the same office building is valuable, especially when it’s important to keep an eye on progress and trajectory of a project. Proximity also makes it easier to relay changes or discuss challenges face-to-face instead of in a series of impersonal emails. Even larger corporations can appreciate the benefit of personal meetings that save time and prevent confusion.
The coworking space also makes talent recruitment easier. When a large corporation is seeking a new employee, learning about that person by watching them work provides a lot more information than a paper resume. By interacting with people from different companies and skill sets daily, a large corporation can find someone who has all the right abilities and fits their culture without having to take a gamble on an unknown. This, too, saves time and money, ensuring a good fit with limited risk.
Happier Employees
Happy employees are a key to business success. Coworking spaces provide employees with greater flexibility in when, how, and where they work. A corporation can be located anywhere. With the coworking space option, employees don’t need to relocate or face a stressful commute to become a fully-engaged asset to a big corporation.
A study by the Global Coworking Unconference Conference revealed that 84% of respondents said they were more engaged and motivated when coworking and 89% reported they were happier¹. This happiness and motivation leads to increased productivity and employee satisfaction.
It should be no surprise that employee retention improves when employees are happy. Although they aren’t working at a common location or one with the big corporation’s name emblazoned on the building, coworking employees do retain the culture of their company. They continue to work with others at their company; it’s just done a little differently.
Large corporations invest in their employees and want them to be successful and happy. With coworking space options, employees can work in nonstandard ways that often prove to be above the standard expected at the traditional office. The coworking space is mutually beneficial to the company and the worker, and the result is a stronger and more positive company.
The Future of Corporate Offices
Many things changed in the last couple of years. How we work and why we do what we do when we’re at work entered a spotlight in a way no one could foresee. What we learned is that there are many ways to get a job done. Place doesn’t matter as much as employee motivation and success. The home office has significant drawbacks, but the coworking office is the bridge between the home office and the traditional business office. In that meeting, people and companies large and small can grow and experience new levels of personal and financial prosperity.
¹ Jessica Stillman, “This Small Change to Your Work Routine Will Make You Happier,” Inc.com (Inc., May 27, 2015), https://www.inc.com/jessica-stillman/this-small-change-to-your-work-routine-will-make-you-happier.html.