Such spaces improve financial performance through reduced capital expenditure, lower vacancy rates and many more
The pandemic has proved to be a catalyst to many disruptions. It has brought in some substantial transformations to the way we work and it's future. Shattering all the conventions, the companies have moved towards a more sustainable and flexible way of working. From large enterprises to individual workers, businesses are opting for a more personalised and socially distanced workspace while maintaining the collaborative and open nature of work intact. Staying true to the name, flexible workspaces are well-equipped to cater to different tasks and nature of work ranging from hefty collaborative projects to individual tasks.
The trend of adopting flexible workspaces might have been fuelled by the pandemic but flexible spaces were already playing an important part for businesses. According to IWG, 79 per cent of global businesses admitted that flexible workspace played an important part in their success. Flexible workspaces benefit smart businesses of all sizes, from large multinationals, lean start-ups to individual professionals-
In the post-Covid era, large firms are looking to distribute their workforce from central offices to satellite offices by adopting a hub-spoke model of working. This enables employees to work closer to the home resulting in reduced cost of commute and carbon footprint which is a major step towards sustainability. Many enterprises admit that flexible spaces improve financial performance through cost-saving, reduced capital expenditure, better risk mitigation, and lower vacancy rates. Such spaces not only increase business agility but also attract and retain the best talent by providing inspiring and productive workspaces.
Small and mid-size enterprises
SMEs often operate under lean budgets. This limitation makes flexible workspaces a natural choice as they provide customised solutions and services according to the clients’ needs without any rigid and expensive lease contracts filled riddled with hidden costs. The nature of these workspaces is such that they easily adapt to the rapid scaling up of the operations which is common for any small or mid-size business. Operating from prestigious, high-quality sites, the businesses can also tap into global talent hotspots.
Flexible workspaces beautifully compliment the fresh and indomitable spirit of young businesses. Start-ups that jostle to make a robust brand out of themselves, flexible spaces provide them inspiring and fully equipped spaces enhancing their credibility among clients, prospects, and employees. Start-ups do not have to worry about set-up costs and running workspaces. They get to work in the economic hot spots which help them to collaborate with other emerging and established businesses.
The biggest benefit for individuals availing the services of flexible space is that they get access to technologies, resources, and expertise that is usually available to employees of established companies. People working on their own find these offices affordable with a professional environment without facing any productivity drawbacks of home or a local café. They get to meet a powerful community of like-minded professionals and avail of meeting spaces and drop-in centres anywhere in the world at their ease.
The author is Country Manager India, VP Sales - South Asia at IWG plc