For millennials and centennials who want more flexibility and accessibility with less responsibility and ownership, co-living is becoming the new norm. Co-living as a flexible housing solution with no long-term commitment meets the rapidly changing demands and lifestyles of the young generation.
Co-living can be defined as a living service that provides a flexible accommodation alternative to a curated community of people who wish to be part of an inclusive living experience. It usually offers a mix of often smaller private quarters and an increased number of shared public spaces and facilities. Hybrid co-living refers to hospitality businesses transitioning to co-living, such as co-working spaces that also provide co-living and hotels, hostels, and apart-hotels. They usually have brief stay periods, consisting of residents and visitors.
As corporations move toward a hybrid workspace model, with work from home (WFH) as a significant aspect, co-living operators provide facilities to let young people work efficiently from their shared lodging. As the second wave of people returned, shared-living space providers who offered customized and individual workplaces to meeting rooms and video conference facilities are now integrating workstations in their packages to clients. Occupancy in these facilities declined dramatically in April-May, and new occupants and those returning prefer dedicated workplaces in the centers on days when they are not at work.
Co-living is re-engineering its design criteria to establish working ecosystems in its centers, incorporating cafeteria workspaces, ergonomic furniture, enterprise-grade internet, and comprehensive packages to enable hybridization of work. The second wave slowed down the recovery of co-living companies experiencing solid physical occupancy until March.
The following are the primary and general reasons driving growth:
High rents: Many city dwellers are rent-burdened, spending over 30% of their income on rent.
Marriage and the establishment of a family have been postponed.
Isolation from others.
People have fewer savings and survive daily.
Accessibility takes precedence over the property for staying.
Looking at the brighter side:
Living on a budget is possible.
Payment for using the property.
A community that has been carefully curated.
The economic imprint is being reduced.
Activation of a social community.
The convenience of a private studio with shared amenities and common areas like a workspace, gym, concierge, laundry, lounge, and rooftop terrace.
Professional value, expertise, and experience, etc.
Colive is changing its properties into hybrid living spaces that can be combined in various ways to provide a multi-functional space for casual meetings, presentations, or just hanging out. Super-sized living quarters are also in high demand. Formal video conferencing, high-speed Wi-Fi, individual workstations, and collaborative working with meeting rooms are all available. Co-living players who provide high-speed internet, conference areas, and workplaces in the rooms will triumph in the post-pandemic environment. Millennials prefer to work from home rather than in their hometowns because they value privacy while being productive at work. All of our facilities are being upgraded, and workstations are being installed in each studio area. They have reused 1-2 rooms in each center, removing the beds and converting them into meeting rooms.
It’s impossible to get entire teams together in the same locations as before because of social distancing norms. Employees cannot always return to the office whenever they wish because of closed schools and daycares. No, whatever the cause, organizations went hybrid instead! Trying to balance going to the office on some days and working from home to others. Of course, there are benefits to adopting an eclectic work style. It means you’re investing in your employees’ health and safety while also boosting your company’s collaboration focus, productivity, and efficiency.
Hybrid is the way to go if you want to keep your business functioning during the most challenging times. It forced us to say goodbye to crowded conference rooms, watercooler banter, and spontaneous huddles earlier this year. There will be no more commuting, traveling to an overseas customer, office romances, or face-to-face meetings. We accepted home offices with COVID-19 lockdowns all over the world. We let cats or curious children into our video calls occasionally, stayed in our safe remote working bubble at home, attended a slew of webinars, and planned virtual events and demos. We’d grown accustomed to the never-ending stream of virtual encounters. Employees are eager to return to work after being in quarantine for months. Even when businesses adhere to safety measures and social distance standards, only a few people visit a physical building daily. Working from home (WFH) or the office will not be an option in our future work model. We’ll have to strike the right balance between the two.
Employers must now design their workplace strategies for this need for a truly flexible hybrid work environment. They can foster a work environment that allows workers to work flexibly based on the type of work they need to complete and their circumstances. They can use both the advantages of remote work and the advantages of traditional office employment. Not only will hybrid work models help businesses stay agile and adapt quickly to unexpected circumstances to keep their operations running in these incredibly uncertain times (e.g., employees in temporary quarantine, governmental measures with new COVID-19 spikes, but the new model will also help businesses stay competitive.
Low Risk of getting infected
To begin with, hybrid models are a way to protect personnel from contracting and spreading the coronavirus. Following social distancing guidelines is easier when there are fewer individuals in the same office space or meeting room, and the risk of infection at the office is reduced. People have more peace of mind when switching workdays between home and office or operating in distributed teams. As a business owner, ensure that the safety of your employees is a top priority at all times.
Productivity and Technology
Most office spaces and conference rooms are more fitted for collaboration than a typical home office. Video conferencing, room displays, adequate audio, and video capabilities, and an IT department are all available in company offices. The challenge with technology at home is real: you only have your laptop with its webcam and restricted audio. You have no way of actually engaging with colleagues if you can’t have great video calls (even IT colleagues). You can make the most of your office days in the hybrid work paradigm by utilizing these digital skills in the office for important client contacts, decision-making board meetings, and other tasks.
Collaboration becomes more accessible with office-based work and the face-to-face interactions that come with it. You connect with coworkers, have casual conversations at coffee shops, and take up vital information through in-person informal discussions. It just isn’t the same as making a small conversation at the start of your next video meeting. You don’t get career opportunities or promotions when you’re hiding behind your safe desk at home. Hybrid working allows for smoother, more fluid cooperation – which is critical for your employees’ growth and optimizing your business’s outcomes. It will enable employees to switch between intense informal and personal tasks.
When businesses allow for hybrid working and meeting options, it is an expression of concern for their employees’ well-being and healthy company culture, allowing employees to manage their schedules and attend to personal tasks while still addressing work-related duties when needed. This allows employees to relieve stress and maintain a healthy work-life balance, making them happier and more productive. Hybrid working allows employees to sustain (partial) ownership while balancing work and home life, especially on days spent working from home. There is time for focused work, decision-making, tough meetings, and seminar follow-ups. But there is also time for fun.
When people commute to work by car or train, they waste a lot of valuable time every day. In a mixed work arrangement, allowing partial working from home makes up for all of this lost time. Employees can then work whenever and wherever it is most convenient for them. You give employees the responsibility to make the most use of their abilities and particularities, considering that some are more productive in the early morning and adore the office desk. In contrast, others are true night owls and thrive in their home office. As a result, you invest in trust and loyal personnel and inefficiency and business results indirectly.
Colive is the place to be if you’re looking for your home away from home! Visit www.colive.com to see the wide range of homes available at your preferred location across Bengaluru, Hyderabad, Pune, and Chennai.