According to the Pew Research Center, the generation born between the early 1980s and the mid-1990s between Generation X and Generation Z—currently—makes more than a third of the workforce. However, this generation is estimated to make up about 65% of the global study member base. Although this statistic creates a perception that the majority of the workforce is moving away from traditional office environments, it suggests that millennials embrace work more strongly than other generations.
The Coworking Space Industry is on the rise right now, but it has mostly been trending for young adult entrepreneurs who either work virtually or get a start-up without their real office. But why do they choose workspaces over traditional offices? Here are 3 reasons:
1)Stakeholders Believe in the Shared Economy: A shared economy is an economic ecosystem created to support human sharing of physical or intellectual resources. This culture of the shared economy has impacted workplaces and created new opportunities for collaboration and partnership. Knowing that they are part of a larger economic network, Millennials choose to help each other and contribute to society by sharing their knowledge and resources.
2)Coworking Reduces Cost: Coworking spaces are cheaper than renting traditional offices. A report from Sage stated that 17% of startups are currently on coworking. Rather than wasting their start-up budget in rental offices, young entrepreneurs are flocking to workspaces that provide them with a great work environment at a lower cost.
3)Stakeholders Love Engagement Network: Being in a shared office space with dozens of other people from different industries means you will have the opportunity to interact and collaborate with all kinds of people and situations, such as creative pioneers, technicians, venture capitalists and more. Instead of working individually, millennials have the option of working in a community moving towards the same goal. Focused on creating projects and discussing ideas from different angles, the new generation hates day-to-day work on the same boring stage. That’s why Coworking is a great option for young entrepreneurs looking for support from a community of like-minded people.