As traditional work settings continue to change for the better, coworking spaces are gaining traction and beginning to redefine the way we work. Coworking spaces are getting attention as they are becoming the preferred choice for many millennials that want to find a balance between freedom, fun, and performance.
Millennials are looking for jobs where they can significantly immerse themselves in all aspects of a business, learn quickly, and make a positive impact. They want to work hard and efficiently, while still making time to have fun by meeting new people, participating in events and enjoying the various amenities each coworking space has to offer. Stuffy office settings are not attracting this generation in the same way as this type of environment does not produce the same type of productivity, energy or creativity from these individuals. For these reasons, coworking spaces have achieved high horizontal growth over the last few years, with an all-time high in 2019, according to coworkingresources.org.
Forward-thinking larger companies are also utilizing coworking settings, as it’s also a very cost-effective way to be mindful of their resources while maintaining a youthful culture and offering flexibility to its workforce. Millennials understand the need for a professional work environment, but coworking helps them incorporate many aspects missing from the old office model, such as a sense of community and collaboration by being able to interact with other departments or other sectors outside of their company in a more relaxed and dynamic way, which can lead to increased productivity or new business relationships.
This new generation really understands that the world moves fast and is motivated to get results. As technology keeps advancing, they are ready to own their performance and be in a space that allows them to be creative and come up with new innovative ideas in an increasingly competitive market.
Although the idea of coworking has been around since 1995, it really took off in 2015 in San Francisco as the coworking model that we know today. The whole idea is to find a balance between freedom and community, and those pillars stay strong in today’s coworking environments.
The coworking industry will keep growing – whether by moving into suburban cities or serving more specialized markets, helping individuals to find happiness “at work,” it will also help companies retain top performing individuals, allowing the business to preserve its culture, resources and expand its growth.