Due to the pandemic, many people shifted back to their hometowns. However, the availability of coworking spaces nearby hometowns has provided a win-win situation for the organizations and the employees.

The flexibility of working in a desired and creative environment improves the work output in terms of quality. The world has come way far in terms of the working environment attitude; when people are confined to a bounded space, they usually complain about their job or life's choice, or they accept the faith and forcefully carry on with their jobs. Work is worship, it stands true only if you enjoy your work, and for that a wholesome working space is the need of time.

According to an independent survey on coworking spaces, there are 18600 coworking spaces worldwide. This stat shows that modern working professionals want a working space where there is an amalgamation of the different skillset of professionals under the same roof. It takes back to the first time the Coworking was coined, in 1999, a video gamer Bernard DeKoven, who explained that “it's not the place we work, it's the way we work”. Great minds talk about innovative ideas, share experiences, and help each other grow; as the buddy effect stands, the coworking environment allows for the self-growth of an employee through learning from peers and contributing to company's growth in an efficient manner.

A coworking module provides a learning edge for the employees of different organizations. The module is also beneficial for the employers as it saves hefty capital on working space, electricity and miscellaneous expense. In a coworking space, they have to pay for the per headspace of the employee, and the advancement in digital transformation with technology has made it available at a lower cost.

Increasing demand for Coworking module

Pandemic has made people closer to self-love, health consciousness and switching to a more innovative way to work. Since lots of the employees prefer a remote working style, pandemic has pushed the employers to succumb to the hybrid mode, even if it disrupts the workflow. It's not a bad option, but it does provide many hindrances in terms of connectivity and lack in meeting project deadlines due to ill management.

Due to the pandemic, many people shifted back to their hometowns. However, the availability of coworking spaces nearby hometowns has provided a win-win situation for the organizations and the employees. It has pushed the rise of coworking space; if people had a coworking space nearby, it would provide a positive working environment, which would enhance their performance and also help them work on their creative side. The traditional modality of full-time office is getting offbeat and pushing people to switch to a more brilliant option. Working from home is pleasing, but humans need a social environment to communicate and refresh their thoughts. A coworking office is more creative than an isolated space; thus, this module provides the employees with an independent and intelligent space to work, which is the new preference of the employees.

Flexibility and a new dawn

The coworking office spaces are becoming a popular choice and have been growing in demand in tier II and tier III cities. All the major cities are seeing the rush of the post-pandemic work. However, the employees have tasted the life of solitude and enjoyed working in a hybrid module. It has allowed them to connect with themselves, give family time, and have a flexible time to work. The same lifestyle pattern brings boredom to life, and people start questioning their ideas and choices. Thus this paradigm of the working module needs an urgent update, and the solution lies in the coworking module. There is no old conventional office structure; it is a junction of minds, working for a different organization in a comfortable working space with meeting rooms, interaction areas, a cafeteria, and hybrid working modules. It provides flexibility, connectivity and an independent professional setup.

It is indeed a new dawn for professionals and organizations. All the major MNCs have appreciated this working module. Significant IT companies have opted to take Coworking space in different states to give their employees the freedom of work where commutation is no longer a problem. It provides a professional environment for the employees to step up from the isolated home working environment.

Economic aspect for the employers

The coworking module has provided an additional income source for property owners in the urban areas. India is a home to entrepreneurs and new start-ups where demand for coworking business module in all states have significantly increased after the lockdown. It is on steady growth of 21% each year post lockdown, and the number of coworking spaces will quadruple in the coming four years. The owners must balance the working environment and provide a

professional yet hybrid environment; meeting technology requirements, and security and maintenance support is a must!

It is noteworthy that an employer saves a good amount in coworking space; they have to pay per headspace, which saves excess rental expense. It also helps keep electricity costs and maintenance costs of office at bay. In terms of productivity, the employee will have a professional setup, provide timely delivery of projects, and have a healthy environment.

Several market studies state that the Coworking industry will see a staggering increase in market cap from USD 28890 million to USD 50150 million by 2028; this shows that the employees demand a maverick environment to feel easy at home while working to the best of their capabilities.

(The above authored has been penned down by Aditya Mehta, CEO and co-founder, Akasa Coworking solely for BW People publication)