In a co-working arrangement, several different companies work under one roof and share the common resources available to them.
Received appointment letter from an employer with a good salary? Your next workstation could be a co-working space right in the middle of your city or town. Several organizations are making use of the concept of co-working in providing employment opportunities to the job-seekers. In a co-working arrangement, several different companies work under one roof and share the common resources available to them. This not only keeps the costs low, but also lets employees mix-up and learn with other employees of other companies and industries. Savings made by firms may result in employees getting a higher remuneration for their work.
FE Online in an email interview with Anand Vemuri, CEO, 91springboard, a co-working company, attempts to find out who are the right candidates for such an arrangement and how do they help employees.
From an individual’s perspective, what are the benefits and advantages of co-working space?
Coworking spaces are gaining momentum across the country and as many as 13 million people, equivalent to the current population of India’s Silicon Valley Bengaluru, are expected to work out of such offices across India by 2020 as per a JLL report. The demand for flexible offices including co-working spaces and serviced offices – is growing faster in the Asia Pacific region than anywhere else in the world and rightly so. Some key advantages of working in a co-working space include:
Hassle-free and cost-efficient infrastructure: Coworking spaces allow businesses and individuals to work in a fully equipped office space without having to worry about setting it up. Usually, coworking spaces provide with high-speed internet, PAN India plus 24 x 7 access, free coffee & tea, bright open workspaces and secure private cabins. For smaller companies with teams of limited people, co-working offices give them a dedicated office rather than hopping from coffee shops or working from home. Individuals can save on various overhead and utility costs when they choose co-working.
Flexibility: Since co-working spaces are unlike strict traditional offices, members get more flexibilities. One can book office desk at his own desire without any hesitation. Memberships can always be upscaled or downscaled as per business requirements on a monthly or weekly basis.
Value-added services: Coworking spaces offer more than just office spaces. Many coworking spaces have tie-ups with service providers that help in streamlining business operations, aid productivity and assist with employee programs. These tie-ups are of all kinds ranging from HR services, travel & employee accommodation, legal help and much more. What’s interesting is that most of these value-adds are free.
A community of like-minded people: This is a space where large enterprise teams, startups, SMEs, freelancers, artists come together on a common platform and can collaborate to help each other grow.
Generally, who prefers co-working spaces? Any specific profession where the trend is to go for such an arrangement?
Co-working spaces have rapidly grown from their humble origins – mostly catering to freelance professionals and startup businesses – to attracting the biggest of enterprises today. The most interesting aspect of this transformation is that it is mostly the enterprises and large teams that have had to adapt to the co-working revolution and not the other way around, as is usually the case with business giants.
In terms of sector, it has been seen that IT-enabled services, E-commerce, financial services, Education, General management consulting, media & entertainment companies are subscribing more to the coworking model.
Any hidden costs that potential users need to be aware of?
Potential users must understand the pricing model of any co-working space before choosing their right partner. There are certain players that charge extra for certain amenities like 24 X 7 Access, printing, coffee/tea, meeting rooms, etc. So one needs to be careful before selecting their hub and should totally be aware of the pricing terms and policies of the service provider.