In only a few months, the COVID-19 pandemic has upended businesses worldwide, shattering all the workplace norms. With a new year upon us, employers are straddling the dividing line between the workforce of yesterday and tomorrow.

With remote work earning a permanent place in business operations and employees gradually acclimatising to the rhythms, it is clear that the traditional office has been dethroned from its dominant position in our work lives. At this moment of transition, organisations need to re-evaluate present strategies to combine the benefits of in-person collaboration and socialisation with the high autonomy of remote work. Following cues from big entities, more organisations are beginning to transform their office portfolios by embracing what’s known as the ‘hybrid work model’.

Recruitment and retention of talent

“How to attract and retain high performing talent” has been a topic of current interest. The war for talent is intense – and it is only going to intensify further.

As the demands of today’s multigenerational workforce evolve, employees grew a greater appetite for roles that provide flexibility and autonomy. What this indicates for corporations looking to hire and retain talented employees is the need to embrace a workspace where employees can use it the way they want, in whichever city they may be in.

With coworking spaces, recruitment is no longer limited to the boundaries of the headquarters’ backyards. Take JustCo’s coworking directory, for example. With a global presence across nine cities, regional teams and individuals can easily choose from over 40 centres to work from, and corporations can look beyond geography when building a powerful team.

A place for conversation and a sense of community

Today, coworking spaces are no longer just for solitary freelancers, side-hustlers and solopreneurs – it has become a space as versatile as the folks who will use them. Synonymous with centres of activity and innovation, coworking spaces set up a desirable environment where like-minded professionals from a dynamic ecosystem of business can come together to do more than just work.

From hot-desk workstations, private serviced offices and fully-fledged enterprise solutions to breakout areas and multi-functional rooms, these shared workspaces often include various offerings for employees to switch up workflows and exchange ideas. Enhanced with a range of curated business and social events, they double up as breeding spaces for purposeful networking.

Employees can hence foster connection, gain new perspectives and escape the seclusion of individual work that is otherwise prevalent in a traditional office setting, or even at home – all of these translates to enhanced work-life balance and employee satisfaction.

A real-estate revolution that mitigates litigation risks

Embracing coworking spaces alongside traditional office space proves plenty of financial benefits for corporations in Singapore, a country with expensive real estate. For one, it helps to alleviate the undesirable financial burden that comes with traditional office leases.

With traditional office leases, corporations are typically bound to three to five years of lease terms entangled with legal jargons that makes them wholly rigid. Amid the public health crisis, companies had to resort to freezing pay, layoffs and other cost-cutting measures due to these non-negotiable, long-term lease commitments.

Rather than paying for underutilised, suboptimal office spaces in prime locations, corporations need to seek a more agile solution that allows them to end leases on the grounds of financial distress. And that solution is none other than coworking spaces.

Ripping up the old playbook of real estate, coworking also presents corporations with opportunities to scale with ease – upsize or downsize to fit growth patterns and market climates, unaccompanied by long, drawn-out legal processes or unnecessary operating costs. When you dig, the numbers really do make sense.

Coworking is the way forward

Clearly, coworking has become a key recovery asset, and flexible space providers – like JustCo – will be valuable partners for corporations looking to bring the alignment that’s necessary for the hybrid world of work.

Only organisations that create a level of playing field for all employees will be in the best position to win. Are you ready to take the leap?

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