Mar 19, 2020 Blogs Co-working space

How Millennials Are Redefining Coworking Culture

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The proportion of millennials in any workforce demographic is and will continue to grow at a significant rate. This group prefers comfortable spaces where they can work and relax while improving their overall productivity. They also feel the need to network with folks in different fields. And they prefer doing all of this from a single location for maximum efficiency.

These inclinations have redefined the way organizations look at workspaces. The traditional office culture, with its monotonous strict regulations, is slowly paving the way to the rising trend of comfortable, cozy and lenient coworking spaces. These spaces specialize in giving the employees the perfect mix between performance optimization, relaxation and freedom.

Coworking as a concept has existed since the mid-20th century. It had not gained much traction for the majority of the past, only gaining attention in the past few years. According to coworkingresources.org, a study shows that the industry may be hitting fresh peaks, with a record all-time high number of organizations using coworking spaces. Coworking spaces in Bangalore are especially the most occupied by organizations, as Bangalore being the IT hub of India and home for thousands of professional millennials. Though many factors can be attributed to this growth, like technology making coworking more accessible, and a better understanding of how work can be best optimized. Based on various studies, the primary reason for this growth is simple – millennials.

The flux of new blood in the existing workforce did not only make them pliable for changing atmosphere but rather was the reason for the advent of the transition from traditional working offices to the optimal coworking spaces.

The Psychology of Millennials

Reports by experts suggest that with the change in generations, the general outlook of how work is perceived has also changed. Millennials tend to be a high performance-centered and focused generation when it comes to productivity and work. They are also on the constant lookout of work satisfaction and contentment and feel threatened when their freedom is absent.

Entrepreneur.com writes “in recent times, one cannot expect an employee to complete a glorious 25 year run with an organization and follow all the rules laid down by the firm without any queries and opposition”. A healthy work-life balance is also one of the most sought out factors by the millennials when they choose an organization to work with, or when starting a new organization by themselves. In short, millennials tend to be highly ambitious and productive, but on their terms.

Coworking Spaces and Millennials – A Match Made In Heaven

Coworking spaces offer just the right balance between an environment that is suitable for working and at the same time is comfortable:

  • The spaces are often open, colorful and new-age, so to speak.
  • They also tend to have a high amount of focus on their member community – with a high frequency of engagement events, get-togethers, and more.
  • Flexibility in working hours, the informal settings in the coworking spaces, and attractive ambiance have given the millennials precisely what they need while extracting maximum productivity, going a long way in elevating the performance of the organizations that utilize coworking spaces.

How To Successfully Transition To A Coworking Space

Change With The Times – Go for Coworking Spaces

Many organizations have already done away with traditional offices and opted for coworking spaces. With the rising proportion of millennials and Gen Z in the workforce (millennials alone constitute around 40% of the present workforce), the need for a flexible coworking space has grown tremendously over the last few years. Going by the current trends, the traditional style of working would soon be done away with almost entirely, as the statistics suggest that millennials may soon constitute as much as 75% of the workforce, with significantly high Gen Z numbers too. Change and adaptability have always been important factors in the success of any organization, so make sure to switch to coworking spaces as soon as viable.

Have a millennial-dominant workforce? If you’re looking to align your workspace for this exciting demographic, we at iKeva are happy to help. Let’s talk!

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