Employee Retention: Co-Working Spaces vs. Work From Home
Employee Retention: Co-Working Spaces vs. Work From Home
Co-working spaces have been around since 2005, meeting the surging demand for flexibility from companies, solo professionals, and other entities. We so no sign of this slowing down. Experts reveal that the number of co-working spaces worldwide is expected to double by 2024, from 20,000 in 2020 to over 40,000. Another survey from Clutch reveals that 77% of employees are overall happier in their co-working space than traditional offices or home office spaces. This means businesses and organizations that adopt co-working space policies have a greater chance of enabling a happier workforce translating to higher employee retention.
This blog focuses on how co-working spaces help companies create better employee engagement, establish a thriving company culture and retain productive employees for longer periods.
Five Ways Co-Working Space Boost Employee Retention
Co-Working Spaces Offer Better Work-Life Balance
In today's fast-paced work environment, it is easier for an employee to experience burnout quickly, leading to all sorts of issues, including stress, depression, anxiety, loneliness, and ultimately decreased productivity. Although working from home comes with its share of benefits, staying in the same space for extended periods can negatively impact employee work-life balance.
Co-working spaces help improve work-life balance by providing dedicated space to work away from distractions and ensuring you stick to a more efficient work schedule. Besides, most co-working spaces are equipped with wellness amenities, including fitness classes, gyms, cafés, and outdoor workspaces that allow employees to take a break from demanding tasks to avoid burnout.
Studies reveal that 85% of companies that offer work-life balance programs for their workforce experience increased productivity. Co-working spaces increase employee job satisfaction, quality work-life, and productivity, thereby boosting a company's employee retention rate.
Co-Working Spaces Offer Increased Flexibility
Today, millennials make up nearly 75% of the American workforce. This group of employees looks for workplace flexibility before accepting a job offer. A 2017 Deloitte Millennial survey reveals 69% of millennial employees value flexible work schedules more than any other job perk.
Compared to working from a home office, co-working spaces offer a lot of flexibility to employees. Because co-working spaces have multiple locations, members can access any of the places without any restrictions. This means your millennial employees have the flexibility to work from any location, even when traveling or vacationing. The convenience of locations and flexibility does not only improve productivity, but it also boosts employee job satisfaction.
Co-Working Spaces Offers a Sense of Community
A co-working space offers your employee more than just a space to complete their projects. Most of these spaces provide a sense of community and togetherness. Being part of a community provides your employees with a strong sense of pride and belonging. Like being a private club member, co-working delivers security and tranquility that you won't find working solo in your home office. Essentially, the best part of being a member of a mutually beneficial community is the opportunity to connect with like-minded professionals who can inspire your employees to reach their goals and find greater satisfaction in their roles.
Co-Working Spaces Offer Opportunities for Networking
As the name suggests, co-working space is a co-shared working area, meaning your employees will be sharing the space with other professionals from diverse industries. It is much easier for your employees to network and grow when working close to other professionals than when working alone from home. An employee working from the home office has limited interactions with other professionals. They don't get opportunities to expand their knowledge and skill base. Besides, most co-working spaces schedule networking events routinely, providing your employees with resourceful connections that benefit their career and your company.
Co-Working Spaces Provide Access to Support and Amenities
In terms of design, co-working spaces offer much more than a home office. Between expansive lounges, fully-featured phones, conference rooms, convenient hot desks, and sleek private offices, there are plenty of opportunities for collaboration so your teams can accomplish tasks quickly and efficiently. Besides, most co-working spaces provide support services, including IT support; meaning, your employees will have tech issues resolved promptly vs. when they are working from home.
Leverage Co-Working Spaces from Quest Workspaces to Inspire Your Remote Employees
Co-working spaces are undoubtedly the best alternative to working from home. Compared to home offices, co-working spaces offer the best work environment, amenities, and networking opportunities for your employees. Since employees can work remotely with other professionals, the risk of loneliness, stress, anxiety, and depression is minimized greatly. They also ensure employees retain a great sense of routine and stability which is critical to work-life balance.
If you are looking for custom co-working space solutions that meet the needs of your remote employees, Quest Workspaces has you covered. We provide businesses and organizations with co-working space solutions that energize and inspire their teams while nurturing unique company culture.
Contact us today to learn more about our co-working space near you.
Quest Workspaces supports a safe, undisrupted and compliant work environment. Our workspaces focus on private offices with onsite support that enables social distancing, and also offer virtual office packages and remote services to keep your business moving forward from your home or Quest office. Contact Quest today to find a flexible solution that works for you, and discuss how to benefit from our services while also complying with local COVID-19 mandates.
Call us at 800.268.1051 or email firstname.lastname@example.org