5 Facts About Coworking and Millennials

More and more people are opting for coworking, especially millennials. In fact, millennials are taking over the workforce, with over 50 million strong, having surpassed Generation X in 2015.

The rise of millennials in the workforce has made many companies restructure their working policy to include telecommuting. In fact, some millennials are quitting the traditional job, and starting their own venture remotely or through co-working spaces.

The World Economic Forum found that flexibility in the workplace, such as telecommuting, a flexible, convenient, and professional work environment encourages productivity. The necessary separation and balance between work and life that many people require. Positive social interaction—the human touch and sense of community adds to that.

Some of the facts are as below:

Fact #One: 85 Percent of Millennials Want Full-Time remote/coworking Opportunities

Millennial culture is all about being connected and maintaining independence. They are simply happier working at co-work space or anywhere else not cube shaped.

They also don’t want to waste time commuting, adding more time to their workday. Millennials see commute time as a waste of valuable personal time that they in many ways place more importance on than work.

Fact #Two: 35 Percent of Millennials Would Leave Their Traditional Job for other opportunities

With 35 percent of millennials ready to drop out of the traditional office habitat, companies need to pay attention for the sake of retention. Interestingly, only 12 percent of companies let the new workforce generation do it. This could have serious implications for netting and holding onto top Millennial talent. Don’t think they won’t do it either. Millennials place a much higher importance on their personal lives than their careers, something never seen before in the workforce.

Fact #Three: 86 Percent Said Productivity is Higher in remote office/Coworking

Every company wants to churn more productivity out of their workforce. However, research highlighted that 86 percent of coworkers are more productive. Of-course coworkers would say that. They want to continue coworking right? Actually, 66 percent of managers supported the increased productivity claims coworkers have made. Millennials are tech savvy too. They have integrated a number of productivity tools, like apps and WordPress plugins to streamline their remote work tasks. The Association for Psychological Science found that productivity is connected to how coworker is carried out and the tech used to facilitate productivity, thus increasing employee and employer success.

Fact #Four: 84 Percent of Millennials Want Better Work/Life Balance

Work/life balance isn’t just a buzzword for millennials in the workforce, it is a must have. Coworking facilitates this need. The demand is so strong for better work/life balance global corporations on jumping aboard the coworking culture movement. Apple, American Express, and even other MNC's have coworking programs to meet the work/life balance of top notch Millennial talent. Companies large and small are not seeing coworking as a loss of control. In fact, they see it as a potential catalyst for a better, forward-thinking company.

Fact #Five: 82 Percent Expressed Higher Loyalty to a Company with a Coworking Program

Now that millennials are the largest generation in the workforce, keeping them around longer is important for companies. Did you know that every time a company replaces an employee it costs between six to nine months of salary? That puts a strong emphasis on employee retention. A company may find happier and more loyal employees if they have a coworking program in place.

Happier, more loyal workers also lead to less stress in companies. In fact, 82 percent of telecommuting employees said they had lower stress levels.

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