When you think about a modern-day business, you conjure up pictures of leased corporate campuses with lush green lawns, fully-loaded cafeterias, game rooms, technology and infrastructure that employees love to use.
Rightly so, as all this helps build a happier and more productive workforce that translates into profits for your organization.
Now just let go of the images and look at your business’ balance sheet. It might look great to start with, but consider adding in the additional costs such as the large upfront payment you’ll have to make for your corporate campus coupled with top-of-the-line infrastructure as well as operational and maintenance costs of that real estate. Obviously, the fascinating pictures you envisioned begin looking grim and improbable to actualize.
In India, there has been a sea change in the way corporates look at workspaces. They now need offices that are bespoke, flexible, technology-enriched, and collaborative. While there are a multitude of reasons behind it, the major factors include the skyrocketing real estate prices and the rise of millennials in the workforce. Gone are the days when leasing an office space was the best way to run your business. Present day office spaces are all about flexibility without compromising on amenities. Here are a few reasons why:
Large Upfront Costs
Businesses in today’s competitive economic scenario have to ensure that they spend every penny wisely. Leasing an office space can put a significant amount of pressure on your business’ finances, which is something that you don’t want.
Dynamic Expansion Plans
Traditionally, the business environment wasn’t as competitive as it is after the emergence of the internet. To cater to this rising competition, businesses today have to be a lot more nimble and should be able to make immediate modifications to their business and expansion plans. If you’ve leased an office space, your nimbleness suddenly becomes limited. On top of it, expansion in other cities would not only be financially taxing for your business, but you will also be unable to standardize the office experience.
Emergence of Millennials
Talented millennials are the key to the success of any modern-day business. To attract the best talent, you have to ensure that your office offers great work atmosphere, exciting perks and friendly services. Setting them up in your leased office can be both a daunting task and a financial nightmare.
The business world today moves a little too fast for long-term real estate commitments to make sense. You obviously don’t want to commit into a space, which even you’re not sure will serve your yet-to-be-defined business goals. There’s too much to do in very little time and long-term commitments can put a full stop to a sentence that you haven’t even begun.
Aspiration for a Modern Work Culture
Millennials today need much more than job security – they need an encouraging work culture, thriving community environment, collaboration and gaming zones, contemporary cafeterias and common areas. Such infrastructure promotes networking and keeps them motivated, thereby allowing them to give in their best for the organization. Obviously, it would be a mean feat to build all these amenities in a leased office, as here every square feet of real estate puts a burden on the business’ bottom line.
What’s the best alternative?
You want your business to be nimble, millennial-friendly, expansion-centric and financially viable. Finding an office that checks all these boxes wasn’t easy earlier but with the availability of serviced offices that exactly fit the bill for almost all modern businesses, ranging from lean startups to corporate powerhouses, your dream office facility may not be a distant one. Serviced offices are geared to boost productivity and are ideal for those who not only want to build a great place to work but also want to create a work experience that is unparallel.