WorkSpaces@OYO - Striking the right chord

The Indian work culture is undergoing a major transformation. What was ‘normal’ yesterday – cubicles, tight structuring, lack of flexibility, standardized designs, etc. – is no longer relevant today. It has made way for more flexible and vivacious workspaces that are ergonomic, beautifully designed, and far more inspiring. However, this evolution, which extends beyond the mere modernization of decor, did not happen overnight.

I remember meeting someone a few years ago in a co-working space. My attention immediately went to the bright lights and colourful ambience that created an ‘energetic’ vibe. Most of the professionals there were engaged in boardroom meetings, coffee-table discussions (at actual coffee tables with actual coffee!), and casual chats over standing workstations - it all seemed remarkably ‘modern’. The level of enthusiasm was contagious and exciting. I asked the person I came to see how he was able to get any work done over the din. He said that the camaraderie and casual atmosphere actually inspired him to focus better. His answer stuck with me even after all these years.

A report by Colliers International states that flexible workspaces accounted for 13% of the pan-India office leasing volume in Q3 2018. That number is expected to rise substantially over the next couple of years. It is also interesting to note that co-working is not just a metropolitan phenomenon. Increasingly, the demand for flexible workspaces is coming from tier 2 and 3 cities as well. As real estate rentals rise in metros, tier 2 cities are fast becoming hot-zones for co-working. A 2017 CBRE report stated that 6-10 million sq. ft. of co-working space is expected to be leased in tier 1 and 2 cities by 2020.

The reason I am sharing all of this today is because co-working has evidently started to mould the way India works today. With the rise in demand, the industry has responded enthusiastically by offering a bouquet of services and features that make coworking a preferred option for not just start-ups or freelancers, but also for established corporates and entrepreneurs. And there are several reasons for this.

1. Affordability and flexibility: Who would mind getting a better, prettier and more functional workspace at strategic locations and affordable price point? By virtue of the business model, the co-working industry offers a heap of services and customization options -  flexible passes, multi-city access and bespoke plans that ensure hassle-free, end-to-end office requirements. The sluggish economy is also making companies look for office spaces that offer more for less. Also, the rise in demand for coworking spaces is increasing competition in the market, which is ultimately benefiting customers.
2. Functional design: India Inc. is getting younger, savvier, and more energetic and that’s what explains the change in the way we approach today’s millennial-strong workforce (46% currently). According to a recent report by the ManpowerGroup on millennial careers and workforce trends, today’s professionals spend as many as 52 hours per week at work. Consequently, they need workspaces that are not just beautiful but also high on functionality. Plush amenities such as break-out zones, ample parking spaces, in-house cafeterias with multi-cuisine options, regular engagement events, dedicated meeting rooms, a combination of covered and open spaces etc, therefore, are high on the millennials’ list of expectations in the place where they spend maximum time - and why not!
3. A practical solution to the urban chaos: We all know that space is finite and there is a limited scope of expanding infrastructure in our cities. The further we move away from corporate hotspots, the more stress we put on the workforce. With increasing traffic in metropolitan cities and longer commute times, co-working spaces offer easy mobility and increased access that becomes a critical factor in attracting and retaining top talent. This ultimately improves employee productivity and overall well-being.
4. Talent: Talent remains the number one priority for every organization. Be it retaining great talent or attracting the best candidates. This is true for organizations of all kinds, sizes and business models. And there is no denying that a great looking, highly functional workspace that promotes idea-sharing, better networking opportunities and increased flexibility helps in building a great work culture. This makes the coworking model a gamechanger in today’s war for talent. 

Evidently so, the co-working phenomenon is here to stay and grow. While the basics of affordability, design and flexibility will largely remain the same, every player will try to offer a little more than the others to stay competitive and attract more customers. As in any other business, profitability will remain the guiding principle for every player and that should remain the focus. 

But the real success lies in providing value to customers and creating value for their businesses. At OYO Workspaces, we remain insanely committed to learning from our customers and providing them with what they need - be it small or big. With a big focus on making it affordable. 

For some, this means access to our industry-first multi-brand strategy (Innov8, WorkFlo and Powerstation being our three brands across price points). For others, it means taking care of their employees by offering tax filing services, healthy F&B options or organizing premium community events under one roof - all of which are a regular feature across OYO Workspaces centres. And for some (rather, everyone) it is the comfort of knowing that they are a part of the trusted, growing and successful OYO family.

Personally, I consider the co-working space to remain a vital cog in the machine that will continue to redefine the Indian work culture. And I am happy that OYO Workspaces is at the forefront of this transformation by standing strong with its customers and enabling their success.