Hiring the right candidate is more challenging and more expensive these days, due to the changing expectations of both employers and employees. But coworking throws some interesting perks into the balance.
While creating employee benefit packages can be an effective tool for hiring otherwise unaffordable talent, the real challenge is keeping such sought-after employees working for your business. Coworking can help in that area too; significantly improving employee retention.
Just how does coworking manage to both attract and retain new talent? All will be revealed, but first we should understand what motivates these candidates.
Facebook’s annual employee surveys revealed that the top two most valued elements for employees are:
● Fulfilment through community
● Learning opportunities from their workplace
A key focus of coworking is establishing a cohesive community within the workplace, while the “teach and learn” approach is propelled through regular scheduled social, educational and developmental events. But this is just the tip of the iceberg for coworking; it provides a whole range of additional perks that further help attain and retain talent.
What is it about coworking that attracts and retains employees more effectively than your regular office? Looking at the key motivators of potential employees, we can start to understand why this unique way of working is so appealing to the modern workforce.
A recent survey looked into how 15,000 people across 100 different nations would respond to receiving two similar job offers. It found that 80% would turn down the job offer that didn’t allow flexible working; illustrating just how valuable flexibility has become.
Controlling when, how and where they work provides the autonomy they are used to in every other aspect of their lives. This vastly improves workplace satisfaction as instead of being told how to work like everyone else, the power to control their working practices is placed back in their hands. As functioning adults, they know how they work best, so it only makes sense to let them do just that — and the results are evident in their increased productivity.
One of the biggest reasons employees leave their company is because they are overworked. The flexibility, range of facilities, and working options available in a coworking environment contributes to a better work-life balance.
Coworking can help to find additional talent and collaborations, as networking happens naturally throughout the workday. Time and money is saved searching for the right person for your project as they may already work in the same coworking office as your own employees.
Networking and collaborating brings your employees together with other driven individuals, fostering a focused and productive environment in which it becomes fun to work.
And as discussed in the last section, coworking provides the opportunity to mingle and learn, with many companies offering activities, talks and more to inspire and educate the coworking community.
With coworking spaces in several locations it reduces commutes no matter how spread out your employees may be. Not only is this appealing to new talent, it also reduces the carbon footprint of your workforce.
Some of our spaces have facilities such as gyms, yoga suites and meditation rooms integrated, while others are conveniently located amongst restaurants, gyms and entertainment facilities. Either way, the locations are carefully selected to encourage coworkers to seamlessly become a part of their working community.
Coworking isn’t a typical 9-5; not unless you want it to be. In this age of diversity, it’s no secret that one size doesn’t fit all. So the flexibility offered here lets your employees do what works for them.
Perhaps they’re an evening person; they could be useless in the morning yet incredibly creative in the afternoon to evening.
Maybe they experience a lunch time lull, and what gets them re-energised is a trip to the gym or a meditation break.
A stressful day may have put them out of sorts, so chatting and connecting with their coworking community in a breakout space could inject more positivity into their day and workflow.
Or what if they simply had a poor night’s sleep? Coworking can even facilitate power naps to rejuvenate staff, rather than forcing a poor day’s work out of a tired brain.
The common thread in these scenarios is the flexibility offered: through coworking, they are able to take control of their schedule and work in whichever way that makes them the most productive. Once your employees have attended to their various needs, they can resume their working day, restored.
In addition to this, coworking also combats the inevitable Working From Home loneliness. Working among like-minded individuals will focus and motivate anyone, however coworking also offers various activities and events to bring the coworking community together. We’re not talking about an induction day here — these are regular, scheduled group events through which connections can be built and maintained.
No one wants to work in a dull, dark office. Coworking spaces are purpose-built to foster creativity and productivity, so interior designers are assigned to make the workplace as beautiful and comfortable as possible. The focus is always placed on how the employees will feel and interact with their workspace.
A range of different desks and offices can either be booked or selected on the day, again providing that flexibility in the way your employees choose to work. However, a coworking space can also reflect positively on your brand identity, drawing talent in through spacious and modern design — or even the various environmentally friendly initiatives the workplace offers.
Talent is in high demand, we all know that. But through the perks offered by coworking spaces, an employee benefit package can draw in talent that may otherwise have been unaffordable. Not only that; the coworking benefits discussed above can help to keep these talented employees within your company, and prevent poaching.
Coworking flexibility is second-to-none, a sense of community is actively fostered, sought-after locations reduce boring commutes, work-life balance is restored and professionally designed interiors improve productivity. All in all, a pretty attractive package!