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Are co-working spaces dead?

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Many business owners had to choose between either having their employees work at the office or opt for the possibility of remote work.  It is pertinent to balance the pros and cons of both options. This notion is particularly relevant in this day and age. Keeping in mind how Covid has heavily impacted the way businesses operate now. Let’s see if these co-working spaces are really “dead.” 

There are multiple factors the sole trader must look into before finally deciding which one is relatively suitable.

Decrease overhead cost   

It must be borne in mind that working remotely saves up a lot of time. We could relate this to the well-known concept of opportunity cost. There is no need to go to the office nor waste your time with the hectic commute. The amount of time being used to travel to and from the office can be invested in productive things.  Secondly, expenses like the office’s rent, utility bills, etc., become redundant, which is quite favorable for the business. The money that is usually spent on these expenses can now be utilized in other ways. This makes everything less burdensome.

Worker’s Convenience 

Studies have also shown us that employees prefer to work at home, which leads to higher levels of productivity too. Therefore this shows the workers’ inclination for working remotely.

However, we cannot blindly believe that all employees would prefer working from home. Everybody has different preferences when it comes to working. Also, the environment at home may not be the best place for the employee to get things done. Distractions definitely pose a hurdle that eventually affects overall productivity. Connectivity issues will prevent the workers from getting their work done timely. Thus, the business organization doesn’t have too many controls over the employee’s working space. For all we know, their kids might be running around not letting the employee fully concentrate! The quality of the work is also going to be affected by this.

Moving on, it is essential to note that some workers find it difficult to strike a balance between their day-to-day lives and work. Consequently, working from home puts the worker at much more convenience and ease. It’s a pushover for employees facing problems like not giving their family sufficient time or not having a social life at all!

In a co-working space, the workers bond and interact on a daily basis! This is an integral part of their social lives. Taking that away from the employees can strain their relationships, be it a mild strain. This matters specifically for the workers that are outgoing and extroverted.

The lack of proper space

Another point to consider is the lack of a working space when it comes to meeting clients face-to-face. It is pivotal to keep things professional, especially if you want to make an impression on the clients! You won’t get too much of a chance to impress the client, and it might give a misleading impression. Meeting at a cafe doesn’t seem too bad but could potentially backfire!

Managing an office

When it comes to co-working spaces, it is obvious that maintaining discipline is much easier. Also, there are more controls over the situation. Furthermore, it is true that working together could also be a potential distraction because the halls, etc., are common, and one may indulge in small talks, which could take their focus away from the task at hand. Paying the rent and utility bills can be stressful and less feasible depending on the owner’s financial situation. It is also interesting to point out that employees may not get along at all. And this can be very detrimental, especially if the tasks allocated require teamwork and alliance! You can forget about productivity and quality of work if they don’t get along at all!

Lastly, tracking employee performance and employee appraisal can be a nuisance when members of the organization are working remotely. Co-working spaces make it easier to pinpoint the areas that need to be worked on and improved upon! 

Bottomline

Looking at the numerous pros and cons, it is evident that co-working spaces are not dead. Remote working is a necessity for now, but that doesn’t render co-working as a non-feasible way of working.

This brings us to the golden nugget of trending topics, the future of co-working spaces. 

We have witnessed the excitement of people during the elections. How eager they were to get out of their houses. Once the vaccine is available to the masses, it is safe to assume that the people will have the same eager reaction as they did in the elections. Also, it is safe to assume that working space will definitely come back to life as well. But, with a slight bit of a difference. It is more likely that co-working spaces will find common ground with remote working in the days to come. Going to offices two or three days a week while working the rest from home is a very foreseeable change we should expect. And, of course, you’re still going to have team members from across the world.  


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Gaper