Remote work has fuelled the growth of co-working spaces. Get in touch with us to be part of this trend.
The co-working trend owes its popularity to the growing remote workforce. As per Cushman & Wakefield’s findings, the number of people utilizing co-working spaces has escalated by 10% to 15% from 2015 to 2016.
More and more businesses are providing their employees with the option to either rent shared workspaces or a regular cash allowance. This modest investment is yielding significant returns.
In addition to cost savings, there are several other advantages for companies opting for co-working spaces.
Reflect on the potential synergies of remote work and collaboration, and how they could enhance your organisation’s operations.
Differentiating Characteristics of Co-Working Spaces and Home Offices
Setting up a home office can incur significant expenses, with a basic setup costing around £15,000. The primary concern when building a home office is to create an environment that boosts productivity and eliminates diversions.
In contrast, co-working spaces offer a conducive environment for your remote developers to excel, providing all the essentials for uninterrupted and productive work:
- A cutting-edge media hub equipped with Wi-Fi, printers, projectors, and smart TV screens
- Facilities such as workstations, chairs, whiteboards, conference rooms, and private calling pods
- Complimentary beverages, snacks, as well as access to a microwave and refrigerator
- Indoor recreational activities like snooker and table tennis
- On-site yoga and Zumba instructors
- Designated areas for relaxation or rest, including sleeping quarters
- Provision of personalised services, including childcare and shower facilities
Anthony Marinos, the CEO of Grind, likened the co-working space industry to the hospitality sector.
Advantages of Co-working Spaces for Remote Developers
Studies conducted by Harvard show that workers typically perform better in co-working spaces. These findings are supported by Deskmag’s research, which discovered that group work can increase productivity by up to 74%.
Communal living arrangements can have beneficial effects.
Individual work vs. “solo work”That’s the difference. The expectation of human interaction is what is truly valuable.
Complete health and fitness amenities at your disposal.Neglecting these complimentary resources would be unwise. Interestingly, utilising these facilities can enhance your overall wellness, decrease stress, and leave you refreshed when you resume work.
Engaging with diverse artistic communities in person.Interacting with individuals from different professions, cultures, and socio-economic groups can stimulate a developer’s creativity and imagination. See our developer’s page to learn more.
Plentiful and often free amenities.While the tangible value of these perks may be minimal, their positive psychological impact can be significant. It provides peace of mind to know that expenses such as paper and internet access are already covered.
No internal conflicts or rivalries among colleagues.The Harvard study found that individuals are more at ease and authentic when there is less of a need to impress their peers.
Boosted sense of personal achievement.During office meetings, team members typically introduce themselves and discuss their work projects with new team members. This enables their work to stand out from that of their peers, as demonstrated in a Harvard University study.
Readily available assistance.There are numerous free resources available for colleagues to aid one another, including helpful community managers and other professionals in the same industry.
Flexibility and autonomy in work.Accessible 24/7, employees are free to come and go as they please to utilise these facilities for work as needed.
Cultivating social connections and a sense of community.Shared workspaces offer a unique opportunity for individuals to forge meaningful relationships, an essential element for establishing robust and lively communities. Fostering an environment of collaboration and mutual encouragement, these spaces act as a catalyst for bonding and friendship, enabling like-minded individuals to connect in ways that may not have been feasible otherwise.
At the Unconference held by the Global Co-Working Conference, Emergent Research shared their findings that co-working improves engagement and motivation in 84% of individuals. This clearly demonstrates that co-working spaces are intended to be dynamic environments where individuals can collaborate and flourish.
The Significance of Teamwork for Your Business
Businesses of all sizes are increasingly embracing the co-working model, as demonstrated by the likes of KPMG, IBM, and AT&T who are now leasing shared office spaces in multiple locations worldwide. This trend has proven to be a popular and financially prudent way for businesses to operate.
Numerous companies, such as Instagram, Hootsuite, Spotify, and Uber, originally launched their businesses in such spaces.
Utilising shared office spaces offers a host of benefits for your business. Whether you opt to rent a personal desk or offer your remote workers subsidies, the advantages of this type of workspace are undeniable. These include greater cost efficiency, heightened efficiency, and improved collaboration among your team. Furthermore, the adaptability of shared office spaces can provide you with greater scalability and the potential to scale up and expand your business in the future.
- Eliminate the need to provide for employees and potentially reduce overhead expenses such as rent and office supplies.
- Offer access to top-of-the-line workplace facilities and employ individuals from any corner of the world.
- Prioritise human resources, rather than physical assets, for swift business expansion.
- Boost productivity by fostering happier and healthier office staff.
- Keep your remote workforce undistracted and focused on their work.
Working remotely has its benefits; however, joining a coworking space may accelerate your progress towards achieving your goals.
Fascinating Workplace Communities From Around the Globe
A multitude of worldwide co-working franchises exist, including WeWork, Knotel, MakeOffice, TechSpace, GreenDesk, ImpactHub, NextSpace, and Co-Merge, providing an array of amenities to their visitors.
Contrary to common beliefs, coworking spaces are often equipped with stunning work environments worthy of being featured in prominent publications like Architectural Digest. We aim to showcase such workspaces and encourage you to consider transitioning from a conventional office setting to a shared workspace. We want you to be able to convey this to your personnel with confidence.
We’ve identified these as the three most impressive shared offices we’ve ever encountered:
1. Hubud, in Indonesia
Hubud, hailed by Forbes and CNBC as one of the top office destinations, is an oasis in the contemporary workplace. Its innovative bamboo architecture imparts the feeling of a faraway and exotic paradise, while also serving as a bustling hub for a global community of remote workers.
2. WeWork Weihai Lu, in Shanghai, China
This magnificent hundred-year-old structure, previously an art gallery and now repurposed, provides a serene setting away from the city’s commotion. It fosters an environment ideal for promoting creativity and productive contemplation.
3. Montreal-based Canadian Crewing Cooperative
Located in the hometown of Works, this grand, cathedral-inspired structure, previously the headquarters of the Royal Bank, is acclaimed as one of the most visually appealing places to work worldwide. As such, it comes as no surprise that Crew Collective enjoys the sponsorship of InVision, one of our most esteemed fully remote organizations.
Companies That Offer Shared Work Benefits
Cushman & Wakefield claims that HSBC saved one million dollars by hiring 300 hot desks from WeWork in Hong Kong. Even industry behemoths like IBM and KPMG have capitalized on WeWork’s affordable worldwide property offerings by renting out entire floors.
According to Deskmag, while prices for shared office spaces may vary considerably, the normal monthly rental rates are as follows:
- USA – $387
- Eurozone: $245
- A $250 discount for orders placed in Asia Pacific
As per the HDFC Realty Co-Work Space Report (PDF), companies may be able to achieve considerable savings of up to 30% by choosing to operate out of a shared office space instead of a standalone building.
In the vein of remote work, many companies are currently providing co-working stipends to their employees, such as:
Automattic:The WordPress team paid its employees $250 per month, according to reports, before San Francisco operations were terminated due to a lack of attendance.
Remote.co:In addition to the $2,000 yearly technology allocation, each worker receives an extra $166.67 per month to utilize as they please.
Basecamp:It offers a one-hundred dollar stipend towards the expense of renting office space in the remote worker’s hometown.
Buffer:The company offers co-working allowances at market rates, demonstrating their dedication to aligning compensation with their moral principles. As a result, the co-working stipend is an essential component of their offering.
However, several of the completely remote companies we’ve mentioned, such as HotJar, InVision, and Groove, also offer co-working stipends.
The concept of remote work is ideally suited to the co-working concept. Any company that has succeeded in enabling its staff to work remotely is likely to enjoy similar success with collaborative work models.
The Co-working Manifesto highlights collaboration, community, support, friendship, learning, and engagement as crucial elements. Furthermore, it is believed that remote engineers will be more motivated and inspired to work hard and be creative if they are part of a supportive and uplifting environment.
Offering a stipend to your remote team members can be a cost-effective and efficient way to enhance productivity and reduce expenses. If you’re interested in learning more about how to quickly recruit your first remote developer, please don’t hesitate to contact us. We’d be happy to share additional insights and recommendations with you.