Co-working spaces have gained immense popularity as more employees embrace flexible work arrangements. A recent industry report by Statista reveals that the number of co-working spaces is expected to rise from 18,700 in 2019 to approximately 41,975 by 2024. Apart from providing unique amenities and services designed to optimize members' potential, co-working spaces such as Quest Workspaces provide myriads of hospitality-driven perks such as healthy snacks, coffee, and an onsite cafe with dining tables. This blog examines six cost-containment benefits of a hospitality-driven co-working space.
What is workplace hospitality?
Workplace hospitality involves providing services in the workplace that the hotel offers, such as high-quality food options, workout facilities, a salon, drop-off laundry service, and more. It is a way to attract the best talent by regarding them as valued guests, not just employees.
Cost containment benefits of hospitality-driven co-working spaces
Increased productivity
Studies reveal a typical off-site lunch for an employee is approximately an hour long. On the other hand, lunches at co-working spaces take only about half an hour. This means employees using co-working spaces that provide onsite lunch areas work for thirty more minutes daily. Less time wasted on extended lunch breaks and fewer out-of-office coffee breaks translates to increased productivity and higher profitability for the company. Besides, providing healthy snacks in the workplace is integral to keeping your employee energy levels up, boosting productivity, and increasing mood. Unhealthy snacks can make your employees feel tired and lethargic, which ultimately slows down their workflow and might leave them stressed and unproductive.
Better communication
During lunch breaks, employees get opportunities to build trust and relationships as they converse over meals in the common dining areas. This greatly improves their communication and collaboration while providing opportunities to share ideas and find solutions to work-related challenges. Better communication greatly benefits employers because effective communication is key to efficient operations. Besides, open communication is an integral factor that fosters great company culture.
Healthier employees
Diet can dramatically affect health, and the right diet has the potential to lower risks of lifestyle diseases such as diabetes, hypertension, and other diseases. Unfortunately, it is quite easy to fall into unhealthy eating routines when meal times coincide with work hours. Studies have proven healthy snacks and meals provided in the office help improve employee morale by allowing them to be happier and healthier. Hospitality-driven co-working spaces typically provide healthy options and access to workout facilities to boost the health and well-being of members. Healthy employees are better and more productive workers. Prioritizing the well-being of your employees can help you cut down on absenteeism and reduce costs associated with medical care and downtime.
Reduces turnover rates
Providing drinks and snacks to employees in their workplace is a valuable incentive that allows them to feel more valued and appreciated. Several studies have proven office snacks elevate employee morale by allowing them to be happier and healthier. This result in less turnover and greater company loyalty. Reduced turnover also helps you save huge costs related to recruitment. The average cost to hire an employee is $4,129, with around 42 days to fill a position.
Boost collaboration and creativity
Keeping employees together during coffee and lunch breaks means they are more likely to interact with each other. Co-working spaces typically host employees from different companies and industries. Interactions between employees from diverse teams can foster creativity and collaboration when ideas and knowledge are shared over meals. Collaboration harnesses the best out of two or more individuals together. Greater success can be achieved when a diverse team of professionals apply different ideas and skill sets towards a common goal.
Attract talent
Integrating hospitality-driven co-working spaces into your work arrangement can give you an edge when competing for top talent. The best employees want to work for the best companies, and hospitality solutions provided in a co-working space, such as free coffee and workout facilities, are an exciting perk many can't ignore. In a nutshell, the hospitality amenities and services offered by leading co-working spaces such as Quest Workspaces can help attract highly skilled and talented employees to your company. This also helps promote a good company culture which in turn provides an added competitive advantage.
Improve employee productivity with quest workplace solutions
Many flexible workspace operators today offer hospitality-driven offices to differentiate themselves from the competition. Apart from sweetening their offers, healthy snacks and access to workout facilities can help boost productivity, improve employee health and happiness and enhance collaboration while strengthening the workspace community. Quest Workspaces provide holistic hospitality solutions that extend beyond healthy meals and drinks. Our workspace amenities and solutions are designed to enhance the lives of your employees and enrich your culture so you meet your strategic goals. Contact us today to view a location near you.
