Millennials break the rules!
In the last newsletter we looked at the changing demographics of the business traveller, and the impact on the future of how we manage business travel.
Working from home, flexi-hours and globalisation has led to more flexible ways of working, resulting in all generations assessing the work – life balance and looking for opportunities to travel and experience new environments if they wish.
There is no escaping the fact that the nature of work is changing, a job is no longer neatly bound by notions of a career or job for life, the nine-to-five, 40-hour weeks and four-weeks’ holiday leave are increasingly rare.
We know that millennials will soon make up 50% of the Global workforce and that they value flexibility, perhaps attributing to recent studies showing that almost a third of millennials work in a freelance capacity.
So how has this affected the office environment?
Terms such as “hot desking,” “working from home” are the norm, and off-site meetings are often the only time when teams physically meet face-to-face thanks to social media and the likes of skype, chatter and what’s app.
Co-working spaces are an up and coming trend; defined as membership-based workspaces where diverse groups of freelancers, remote workers, and other independent professionals work together in a shared, communal setting. New entrants in this space such as Rocket Space and WeWork (both founded in the US) make it easy for start-ups and entrepreneurs to find offices, further fuelling the rise in the shared economy trend and the need for more flexible, working environments.
So what’s the attraction?
Co-working spaces consist of members who work for a range of different companies, ventures, and projects where ideas can be shared and problems solved. There is a community spirit and members regularly enjoy the shared learning experiences and social interaction without the big office rental costs. Research suggests that the number of people renting such spaces will grow globally from just under 1m in 2016 to nearly 4m in 2020. (Source: Small business labs).
Co-working spaces have also become an attractive choice for landlords, real estate agents and other firms looking to fill floorspace as more traditional tenants, such as retailers, close down.
And it’s not just the office space that is joining the “Shared economy” trend, flexible meeting space and meeting experiences are on the rise. Companies such as deskbookers and liquid space offer flexible meeting rooms by the hour in a range of venues. Airbnb have identified a range of accommodation from their inventory to offer to businesses as meeting/ office venues. They have also released a range of ‘experiences’ for meetings rather than the traditional meeting room, so you can now enjoy a sight-seeing trip or wine tasting as part of your venue selection.
What is evident that the “sharing economy” trend is here to stay and is expanding into all areas of the workplace.