The growth and impact of the millennial generation have become apparent in different aspects of society, especially in the professional setting. In more generalized terms, the younger generation of the workforce is known to be tech-savvy, confident, and energetic.
It was revealed that in 2025, 75% of the workforce will be comprised by millennials. And so, the rise of newer forms of work environment and dynamics have been constantly reshaping work culture.
Innovative work settings such as coworking spaces have been on the rise for the past years and have shown significant growth in popularity since their inception. Data from CoworkingResources and Coworker estimates that the number of individuals using coworking spaces worldwide has almost doubled within 3 years. It rose from 1.65 million in 2018 to 2.45 million in 2021.
This shows that with the changing needs and preferences of professionals, work environments are also evolving and becoming more adaptive to these changes. Thanks to progressive companies, workers are now provided options to fulfill their roles efficiently.
Hiring workers from diverse generations and backgrounds also require a diversified way of management. Therefore, a “one-size-fits-all” approach should be re-evaluated.
An increasing number of freelancers, remote employees, startups, and even students are choosing to do their job in coworking spaces rather than in their homes, coffee shops, or libraries.
But what is it about coworking spaces that make them an effective work environment? How do they respond to the needs of the younger generation of professionals? And how do they contribute to the quality of work and improvement of overall performance?
Read on to learn why millions of professionals prefer being productive in a coworking space above others.
It Allows Opportunities To Network
From the name itself, a coworking space gives emphasis on the area’s design to allow individuals to share and work with others. Coworking spaces are designed as communal areas where people can meet, collaborate, and exchange ideas with other professionals.
Meeting other workers will allow people to learn about other industries, practices, and cultures that can increase productivity and produce more meaningful work outputs. Exchanging feedback with some talented and competent individuals can also help achieve these.
Growing one’s network gives an individual more opportunities to learn and develop new skill sets as well as establish themselves and/or their business. This can help them meet possible business partners or even clients. As simple as it sounds, these networking efforts can contribute to a better portfolio and career growth.
It Keeps Workers Inspired and Motivated
Being surrounded by bright minds can easily inspire someone to work harder. The energy and synergy an employee can get from a shared workspace can boost confidence as well as commitment to accomplish tasks since everyone around them is focused at work.
It can also ignite or intensify the passion for work as they gain new insights and perspectives, as well as hear stories and experiences from others. One of the best ways to learn new things about what a worker does is to learn from people who have been or going through the same path as them.
A survey from GCUC reveals that 84% of individuals working in a coworking area make them more motivated. This further shows that the supportive environment in coworking spaces will give someone a push to excel at whatever they do.
It Cultivates A Strong Sense of Community
In 2017, Vivek Murthy, a former surgeon general, authored a book about what he calls the ‘work and loneliness epidemic’. This phenomenon explains how the emphasis on work and productivity becomes an isolating experience for employees. This affects a worker’s job satisfaction as well as their mental and emotional well-being.
Researchers from the University of Michigan concluded that 84% of people who prefer to work in coworking establishments consider the ability to interact with people their choice. Coworking spaces address Vivek Murthy’s issue by providing a space for coworkers to socialize and form bonds with others.
Furthermore, several analyses on millennials point out that in their nature of work and biases, working in teams and engaging on a regular basis are given importance as a variable to achieve success.
More studies on employees in coworking spaces also reveal that they are generally happier, less lonely, and able to stay sane because of the people around them.
Overall, a community formed through similar interests, habits, and shared experiences has the potential to persist in the long run. Knowing each other’s goals and aspirations will further encourage support from each other which is an indicator of a good work-life balance.
It Enables A Flexible System
In the digital age where complex systems and processes are made possible by technology, industries are progressively changing, particularly businesses and their operations.
For example, remote work is now a common practice among professionals; one can now work for employers abroad or in a different city without having to set foot at the headquarters. The idea of remote work blurs the line between spaces and timezones as instantaneous work has become feasible.
Having a flexible work system gives potential to dynamic working arrangements as well as opportunities to both employees and companies to enrich an efficient and productive relationship.
The needs of workers are often neglected, but in hindsight, their feelings of contentment and fulfillment towards their job should not be undermined as these are important factors that affect performance.
Differences among generations are becoming more evident in workplaces. These serve as precedents to changes in work arrangements which also indicates growth in business management.
With the arrival of the new century, different skills such as critical thinking, collaboration, communication, and creativity need to be improved in order to function in society – coworking spaces are ideal settings for professionals to foster them.
Additionally, opportunities for networking, getting motivation, having a sense of community, and being provided with a flexible work system are important things an employee considers to make fruitful and meaningful contributions to their organization. These are also achievable because of coworking spaces.
Coworking spaces are relatively new and might still be unknown to many. One thing is for sure, they will continue to grow, and reshape organizations and work habits in the years ahead.