The old wooden-desk-in-a-cubicle concept has become obsolete. Even the much-coveted corner office doesn’t entice a millennial worker. The trend has changed to more agile workplaces because they boost productivity for the company and deliver flexibility to the employee.
Hand in hand with the change comes the desire of businesses to create a workplace that captivates talent enough that they can be retained long term. In other words, the space out of which a company operates is crucial to hiring and retaining qualified candidates.
Which brings us to the topic of discussion – how coworking spaces are proving to be integral to hiring quality talent.
Hiring Is Becoming Tougher And More Expensive For Businesses
Before exploring how coworking facilitates talent growth in a firm, an understanding of the hurdles companies face is necessary.
In a recent issue of Harvard Business Review, an article spoke about how the hiring process has modified. Today, most companies have outsourced it. Those who still use in-house resources to obtain candidates have a tough time figuring out how to attract the right person, what ads to print, and if they are tech-enabled, then how to use the software.
The piece also talked about ‘passive candidates.’ These are employees who are not actively looking for a change. Yet, data showed that a significant chunk of people who did change jobs was not actually searching for a new one. These passive candidates made a move because “Somebody came and got them.”
Passive candidates are only part of the problem. Hiring has become difficult in recent years due to a lack of talent. The gap between skill and person is so massive that a company can end up spending as much as $4,129 to hire just one person.
How Do Coworking Spaces Help With Hiring?
Using the annual employee surveys of 7 years, Facebook found out that the Millennial worker (a substantial portion of the total workforce) wants two things out of their job, among others:
- Fulfilment through community
- Learning opportunities
Coworking spaces help fulfil both these requirements and more.
With shared workplaces bringing to fruition all the needs of employees, here are the reasons why candidates prefer a business working out of a coworking space rather than a traditional office:
The HBR article indicates that cost is a deterrent when hiring from a talented work pool. Few companies can afford to spend whatever it takes to get an ideally qualified candidate. For others who have limited monetary resources, attracting and then onboarding such talent becomes a tough task.
Coworking spaces come to the rescue in these situations. Let’s say a start-up working out of a shared workplace finds a great hire, but don’t have the bandwidth to pay them as much as a corporate. By being supportive of the other expectations of the candidate, the start-up can get the person on-board. They can offer flexible timings, remote working, and other perks.
Another route through which coworking saves funds while hiring is the talent opportunity it represents. Every shared workplace is a melting pot of diverse individuals from varied backgrounds. Instead of spending thousands on posting vacancy ads and then interviewing hundreds of candidates, a company only has to look as far as the next desk to find the right employee.
One of the elements that Facebook’s survey found as imperative, for the current generation of employees, was learning. Any workplace that teaches them new skills or helps in overall development becomes the favoured option.
Coworking is based on the very formula of ‘teach and learn.’ They host events that add to the repertoire of the community members. Moreover, they encourage members to mingle and learn from each other.
The other criterion in the survey was fulfilment. When an individual finds a sense of belonging and accomplishment in the workspace, s/he is more likely to continue working there. In other words, the community is as crucial as the physical location of the office.
The bedrock of shared workplaces is a community that supports every member. Collaboration, aid and help are the very building blocks that makeup coworking spaces, which makes them the ideal place for talent.
Any organisation that is easily accessible draws a larger pool of talent than a firm that is hard to reach. Connectivity through different transportation means makes the commute for employees simple, particularly those who live in suburban and affordable localities.
Coworking spaces set up shop in areas that are directly linked to highways and mere minutes away from a railway station, ensuring ready access.
The present employee takes a broader look at life. More than a laser-focus on career growth, they want experiences that enrich every niche of life. An excellent geographical location of a company caters to this need. The right address can enhance the life experience of a person both inside and outside of work.
Coworking areas are always located smack-dab in the middle of buildings filled with commercial and entertainment facilities, offering the quintessential location, a millennial wants out of his/her job.
In a survey conducted with 15,000 people spanning more than 100 nations “80% said when faced with two similar employment offers, they would turn down the one that didn’t offer flexible working.”
The stats prove that remote and flexible working is a chief factor when a person is considering joining a company. Flexibility here means the employee has better control of where they work, when they work and how they work.
Any workspace that understands the value of this flexibility has a higher chance of talent retention. And when it comes to controlling of work-hours and location, no one gives more freedom than coworking.
Coworking: The Universities For Finding The Right Employee
Shared workplaces are a burgeoning pool of talent, making them the ideal place to find your next employee. Think of coworking like a “work university.” A traditional university connects students to teachers, and a work university connects talent to companies, or even to other candidates.
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