Co-working spaces have much to rejoice in the near future. And along with them the economy may also get to breathe a sigh of relief after the globally predominant economic slowdown in the recent past. According to research by JLL, a leading property consultant, co-working spaces are estimated to grow by 50% in India by the end of 2017. The survey also states that about 42% of India’s population will immigrate to the developed cities by 2025, leading to a rapid rise in the demand for co-working spaces.
Co-working spaces are no more restricted to just start-ups and SMEs. Large corporations also often opt for these spaces to make the most of the flexibility they offer, thus enhancing the work productivity.
Here’s how the growing trend of co-working can bring about a positive impact on the existing economic landscape:
Prevent brain drain of the existing talent pool
Brain drain has been a rising phenomenon since the past few decades with the local talent pool deciding to leave the country for lucrative career opportunities abroad. Co-working spaces offer budding entrepreneurs the right platform to realise their ambitions and create job opportunities, thus proving to be the hotbed for nurturing stellar talent in the country. Co-working spaces foster the creation of a community through engagement, contributing to the shared economy.
Offer a haven for small businesses
Co-working spaces house start-ups, and small and medium-sized businesses, apart from the large corporations, under one roof. They offer these organisations the space and basic infrastructure necessary for setting up a business.
Offer opportunities for collaboration
The days when 9-to-5 jobs were the norm is gradually becoming an archaic concept. Similarly, the practise of employees working in cubicles and solely concentrating on their own tasks before calling it a day is also witnessing a sea-change. Collaboration is the name of the game now owing to the networking culture that co-working spaces encourage. The symbiotic relationship, sprouting from the strategic confluence of ideas, resources and workforce, also serves as an effective platform for learning new skills and improving upon their current skillsets. What’s more, collaborations with other like-minded individuals and organisations with similar business vision spawn creativity. It also provides the emerging entrepreneurs the opportunity to build a community and explore the endless possibilities that they may have otherwise overlooked.
A diverse workforce makes for a healthy work culture. This ensures individual and collective business growth that in turn enhances employee satisfaction and contributes to the national economy.
Drive innovation and thought-leadership
The growing number of independent workspaces is a clear indication of an evolving work culture that is smart enough to manoeuvre its way through the ever-changing economy. Being an incubator for emerging entrepreneurs and a breeding ground for exciting ideas, they are driving change through innovation. Besides, they are leaders in their own right who are gradually redefining the work culture of the country and establishing the concept of a shared economy.
Annie Fernandes is a Senior Technical Writer. She has over 5 years of experience in the Information Technology & Services Industry. She is Skilled in Research, Media Management & Communication, Web Content Writing, and Customer Service.