How Growing & Established Businesses Can Future-Proof Office Space
The world of work is transforming in many unprecedented ways. Forces such as digitisation and other concerted new solutions have sparked radical shifts – turning the discussion about the future of work into a constant drumbeat. Besides, COVID-19 has accelerated the transformation beyond anything we could have imagined. It has demanded fresh approaches to facilitate flexibility and bolster agile working capabilities.
This poses a tremendous challenge for businesses across the globe, leaving one question at the top of the mind: “What’s the right workplace structure for the 21st century?”
While the evolution can be unnerving, plenty of organisations are already making significant headway into the now-accelerated future, steadily shifting into the next decade of workplace transformation to keep up. However, now is not the time to sit back. Businesses have to find new ways to take a bigger leap to identify the right workplace structure for them and staying adaptable, agile and resilient are the key traits for survival.
Rolling out the road map for the next generation workforce
To facilitate the transition, flexible spaces are no longer perceived as exclusive territories for start-ups and small and medium-sized enterprises (SMEs). They are now an essential component of the future of business – even for large corporations. Research has shown that in the past two years, 58% of Australian organisations had already planned to downsize their traditional leased office footprint. On top of that, 55% looked into adopting flexible solutions and embracing the concept of the alternate workspace by supplementing traditional office spaces with coworking and serviced offices. Beyond Australia, the number of worldwide coworking spaces is expected to grow at an annual rate of 13% by 2022. So what drives this changing landscape locally and globally?
Mitigating litigation & financial risks
First of all, it is unsurprising that we are witnessing this evolution. Coworking and serviced offices provide businesses with the advantages of flexibility and state of the art facilities, while mitigating litigation and financial risks that are associated with their traditional counterpart. While traditional private office spaces are typically bound with long term leases, agile real estate solutions like JustCo coworking spaces, on the contrary, allow rapid growth, contraction and workspace re-structuring with relative ease.
Taking into account the volatile cycle in modern-day businesses, tailored, flexible and short-term membership plans lend businesses the freedom and added edge of scaling up and down at short notice, without having to worry about how to mitigate too much or insufficient space, penalty fees and legal restraints of sorts.
Reducing Capital Expenditures & Operating Expenditures
Coworking and serviced offices offer a move-in ready, fully-furnished private and enterprise suites in conjunction with all-inclusive professional business services. On the contrary, traditional private office spaces often call the need for a major fit-out project that come at a high cost. With the coworking model, big enterprises and SMEs can keep their Capital Expenditures (CAPEX) at a minimum, reduce their Operating Expenditures (OPEX), while focusing on what really matters to them.
A healthy mix of collaborative & private workspaces
If that’s not enough, coworking and serviced offices also allow businesses to get the best of both worlds.
For organisations requiring a level of work confidentiality and discretion, the good news is that privacy will not be compromised. With ample extension spaces like meeting rooms, phone booths, and exclusive suites separated by full-height partitions, organisations can do more than just hot desking.
On the other hand, it is also understood that the needs of the new generation workforce have drastically shifted. Unlike isolated white-collared workers of the past, employees today crave community. Likewise, businesses now better understand the benefits of establishing a collaborative culture.
Luckily, coworking renders an opportunity for collaboration, connectivity and interaction, offering employees a sense of belonging. These positives mean that people will continue to come together to form deeper emotional connections with people within and beyond their network. Studies have suggested that corporate culture accelerates along with employee engagement – and a positive corporate culture can become a mechanism for attracting and retaining talent.
Moreover, coworking spaces like JustCo are designed to reflect work-lifestyle integration and support physical wellbeing. Employees can leverage the many comfortable breakout areas to ‘switch off’ and get away from the routine atmosphere in the office. At the same time, it can even double as shared brainstorming spaces.
Workplace design has become a dealmaker for top-talents – cellular offices and cubicles just don’t cut it anymore.
Workplace flexibility is the new norm
The potential benefits are clear.
Today, the world is perching on an amusing crossroad in the history of work. The concept of private office no longer means the same as a decade ago. Organisations that are resistant to change will only get left behind in the race. To ensure that your workspace is equipped and prepared for the workforce of tomorrow, now’s the time to get ahead of the change curve.
To find out how we can support your flexible workspace requirements, please get in touch!