Co-sharing/Co-working – Meaning, Advantages and Drawbacks of Co-sharing/Co-working

Co-sharing/Co-working is an emerging concept of shared office spaces, particularly prevalent in metropolitan cities, where space and cost constraints are significant. In a co-working space, employees from different companies share a common workspace for their respective businesses. This arrangement allows for cost savings and convenience by utilizing shared infrastructure such as equipment, utilities, and services like reception and custodial support. Co-working spaces are gaining popularity as more people recognize the benefits of sharing workspaces, especially in developing Asian countries where space is limited, and activities are diverse. In India, the trend of co-working spaces is on the rise, with a significant increase in the number of such spaces since 2016.

Benefits of Co-sharing/Co-working:

1. Motivation: Co-working spaces are particularly motivating for work-from-home professionals, freelancers, independent scientists, and individuals who do not require a permanent workspace. This reduces unnecessary space costs and provides a stimulating environment.

2. Liberty: These spaces offer freedom and flexibility for freelancers, independent contractors, startups, and entrepreneurs who prefer not to be tied to a specific company for operational purposes. Co-working spaces are often used by individuals who are just starting their careers and are not committed to any particular industry.

3. Creativity: The lively and dynamic environment of co-working spaces fosters creativity and productivity. The open desk spaces, or hot desks, encourage co-workers to brainstorm and think creatively, leading to innovative solutions and ideas.

4. Cost Savings: One of the primary advantages of co-working is the significant cost savings. The initial fixed costs, such as refundable deposits, infrastructure, utilities, furniture, and equipment installation, are shared among co-workers. Monthly expenses, including rent, electricity, and support services, are also divided, making it a cost-effective option for individuals, startups, and even large corporations.

5. Collaboration: Co-working spaces promote collaboration and community learning. Entrepreneurs and freelancers can interact, brainstorm, and collaborate on joint projects, seminars, and workshops. These interactions enhance creativity and communication among co-workers.

6. Social Circle: Co-working spaces encourage socialization, helping workers avoid the isolation of working from home while minimizing distractions. This social aspect can be beneficial for mental well-being and professional networking.

7. Coordination: Even established businesses are increasingly collaborating with co-working spaces to reduce costs while staying connected with the creative energy of startups and freelancers.

Drawbacks of Co-sharing/Co-working:

1. Lesser Value for Money: While co-working spaces are often chosen to cut costs, they may offer less value for money compared to private offices. The lack of a dedicated private office can be a disadvantage for some businesses. It's advisable to take a tour or use a free test pass before committing to a co-working space.

2. Disturbance: Co-working spaces can be noisy and distracting, as multiple companies share the same space. This environment can be challenging for teams that require focus, especially during internal meetings or client calls. A Clutch survey indicated that 48% of people find co-working spaces too noisy.

3. Decreased Output: While co-working spaces are great for networking, they can blur the line between business and social interactions. Employees may spend valuable work hours in casual conversations, which can reduce productivity.

4. Lack of Secrecy: Co-working spaces may not be suitable for companies dealing with sensitive or confidential information. The lack of soundproofing and excessive use of glass can increase the risk of information leaks, potentially leading to fines or legal issues.

5. Lack of Customer Support: Co-working spaces may not offer the same level of personalized customer service and IT support that traditional offices provide. Businesses with specific needs may find the support in co-working spaces lacking.

6. Limited Growth: While co-working spaces are ideal for small businesses and freelancers, they may not be suitable for larger corporations that require more structure and space. Large companies may find themselves encroaching on communal areas, which can be inconvenient for other members.