According to the Pew Research Center, the generation born between Generation X and Generation Z between the early 1980s and the mid-1990s now makes up more than a third of the workforce. However, it is estimated that this generation accounts for around 65% of the global working member base. While this statistic creates a perception that the majority of the workforce is moving away from traditional office environments, it suggests that millennials are embracing work more strongly than other generations.
The Coworking Space Industry is quite on the rise right now, but it has mostly been trending for young adult entrepreneurs who are either working virtually or starting a startup without real offices. But why do they choose workspaces instead of traditional offices? Here are 3 reasons:
1) Stakeholders Believe in Shared Economy: A shared economy is an economic ecosystem created to support the sharing of human resources, whether physical or intellectual. This culture of the shared economy has impacted workplaces and created new opportunities for collaboration and partnering. Recognizing that they are part of a larger economic network, Millennials are choosing 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. In a report by Sage, 17% of startups are currently on coworking. Instead of wasting start-up budgets on rented offices, young entrepreneurs are flocking to workspaces that provide them with an excellent working environment at a lower cost.
3) Stakeholders Love the Interaction 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 daily work on the same boring stage. Coworking is therefore a great option for young entrepreneurs looking for support from a community of like-minded people.
