Millennials and their interests in using digital technology to create solutions have changed the corporate work culture. It is believed that over half a million people are working out of coworking spaces around the world of which, millennials make up to 65% of that number. According to the world’s largest commercial real estate services firm CBRE, by 2030, traditional workplaces will be in the minority and with the recent advancement in coworking, this prediction might come faster than expected.
Coworking has come to stay and the demographic that welcomes this trend are a new generation of young people the millennials, who have used technology to redefine working lifestyle with the inclusion of flexibility into the work-life experience. Millennials are the largest generation in the workforce and the beneficiaries of the possibilities that technology has opened up. With these current coworking trends, some values generally associated with millennials can be considered the very cause of the explosion of the global coworking industry.
Millennials thrive in a communal work culture where people share, collaborate and exchange ideas the coworking lifestyle.Hence the reason why coworking spaces have become the new way to work and below are some of the reasons why millennials prefer using coworking spaces.
Millennials own 17% of startups
In a report by Sage, 17% of startups are owned by millennials,29% belong to Gen X while 29% are also owned by Boomers.For these group of young people, starting a business seems to get easier with age. Millennials have become so skillful and creative with their abilities, they have mastered the art of starting out businesses borne out of passion and talents inherent in their personalities. These youngsters are risk takers and believe in the power of failure and the experience that failing fast can offer. This factor alone has challenged the traditional work culture.
Millennials are attracted to towards workplaces that bolster their learning experience and innovation. Most start up’s around the world are owned by millennials whose entrepreneurial skills are solution driven to create a solution out of a problem.
Millennials believe in shared economy
Millennials believe in the power of sharing the same reason why Facebook and Twitter have become so popular than the other social media platforms. Millennials believe that sharing is caring and being a part of shared resources had become a second nature attributable to millennials. This culture of shared economy has impacted the workplaces and coworking trends-talk of collaboration and partnerships.
The sharing economy allows for collaboration across projects leading to a more successful lifestyle. In the shared economy, startups and founders who use coworking spaces are more likely to have more collaborative ventures and a higher level of results.
Millennials believe in creating experience
Millennials have mastered the art of creating experiences. If an organisation wants to launch a new product, and are looking for places to find millennials who would be instrumental in such projects, the first place to find them will be in coworking spaces. Millennials, regardless of what they do and where they work, are looking for every way to create memorable daily work experience.
With this comes the demand for the workspace to be a place where daily experience and memories can be formed from. There’s nothing wrong with having a game console at work, a gymnasium and a relaxation spot. These form the user experience millennials want to be part of.
Millennials are communal
Millennials are communal. If you want to verify this, do visit a coworking space around and you are most likely to find millennials sharing ideas and discussing how to make projects work. This is against the old culture of ‘silence’ in the working place where people are not allowed to talk as it was seen as a bad organisational culture.In the advent of information technology, millennials have become the most networked generation in history, sharing interests in both online, as most offline and physical communities.
Being part of these communities has made some ideas gas most millennials are gravitating towards coworking spaces that offer a sense of community. Cowork operators who understand this are engaging the services of interior decorators and architects to create happy, productive and warm spaces for millennials to immerse to themselves and feel connected.
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