Sure, coworking has plenty to offer the people who actually work in coworking spaces, but did you know it offers plenty of value for organizations as well?
Today, it’s not only freelancers capitalizing on all the personal and professional perks of a coworking space, but also enterprise clients looking to unlock strategic, organizational value.
Here, we look at 5 ways coworking adds value to an organization.
- Expands recruiting possibilities. In a tight labor market, vying for talent can be tough – even more so for organizations limited to a single city. But coworking enables businesses to offer real value to potential recruits. Unlike a traditional remote setting, businesses can point to all the perks of the coworking space to highlight these employees aren’t missing out on all the perks of being in the office – and maybe they’re even getting a few extras.
- Ignites creativity. A change of scene can often fuel creativity, especially when that scene change comes in the form of a coworking space rife with other creative professionals and amenities, like a garden, that can provide just the deep breath needed to spark the next great idea. Coworking is ideal for the kind of rejuvenating mix-up because it enables organizations to determine the right fit for the business need.
Should the marketing team spend the first quarter offsite to strategize better for the upcoming year? Should sales and marketing spend the first month of every quarter offsite to better sync up? Or should the development team make a permanent shift to an offsite coworking space?
With coworking, it’s entirely up to the organization.
- Cuts costs. Yes, that’s right: leveraging a coworking space can give value back to organizations in the form of reduced costs. Cost savings can occur in a few ways.
First, organizations may be able to save on renting traditional office space. Corporate leases often require businesses to forecast what their space needs will be in 5 years, which can be especially tricky for rapidly scaling businesses. The end result? Organizations overpay for office spaces in the hopes they’ll fill them, while spaces sit empty for at least the first few years.
Flexible coworking agreement allows organizations to scale their space use over time.
The second way coworking spaces can stave off costs is by boosting retention and engagement, which coworking has been shown to do, according to the Harvard Business Review. Happier employees tend to be more productive, and stay longer, which reduces turnover and recruiting overhead.
- Supports the organization in tough times. Although this is related to reducing costs, it warrants a separate mention. The flexible contracting found in a coworking space can also enable businesses who are barely staying in the black to downsize or get beyond the startup phase without long term commitments. When times are tough and budgets are extremely tight, lifting the burden of an ironclad 5-year contract can be pretty tremendous.
- Keeps the business cutting-edge. Remember when offering free drinks was a seriously touted perk? Today, employees have high expectations, and a free can of Dr. Pepper probably isn’t going to suffice. In a recent report, Entrepreneur gives a nod to both local economic development directors, Garret Hart and Bernice Boucher, managing director of workplace strategy at JLL and concurs that coworking is likely to be a part of corporate real estate in the future – and work is heading that direction.
Signal to the top talent you’re striving to recruit that you’re ahead of the game, and highlight coworking as one of many perks.
Interested in learning more about how coworking can add value to your business? Contact Hexa today at info@hexatx.com to start the conversation. We’d love to meet you!