Coworking Spaces Could Help The Wage Increments Challenge

Coworking Spaces Cut Costs
Date: Tue Jul 5 Author: Chelliah Nakeeran

As employees feel the pinch of inflation, CXO’s and HR managers may face several difficult conversations in the coming weeks. Trading rented office space for flexible coworking facilities can help to free up cash and keep your workers happy.

An increase in living costs, sky-rocketing fuel and energy prices together with tax hikes has devastated the income of families all over the UK. The Office for National Statistics (ONS) reports that 9 in 10 adults say their living costs have increased whilst 23% report they are struggling to pay typical household bills.

Low-income families naturally spend a larger proportion of their earnings on food and energy. Living costs have leapt by 9% whilst wage increases averaged 4.1% – less than half the rate of inflation.

Business leaders are bracing themselves for an influx of employees asking for pay rises or other types of benefits. But with a potential dip in revenue, making ends meet and keeping your employees happy may require decisive action.

To cut costs.

Coworking Spaces Cut Costs

Bloomberg reports that one in five UK workers expect to leave their job in the next year in search of better pay and more job satisfaction. Replacing employees is more costly for businesses that retain a trained and experienced member of their workforce.

It is estimated that the cost of replacing employees is between 6-9 months of the employee’s annual salary. That takes into account the loss of productivity, training expenses and the cost of recruitment.

A key part of retaining your best employees is how well you compensate them. Depending on their age, some employees will look for other opportunities if they do not feel respected or if they’re not permitted to work from home.

The ONS reports that 80% of UK workers would prefer their employer to adopt a hybrid model. This gives them the opportunity to work from home for part of the week and in the office for part of the week.

Hybrid working fulfils the needs of employees and has numerous benefits for employers also. In fact, it ticks so many boxes that the hybrid model is expected to be adopted by 84% of UK firms.

Rent Coworking Spaces with BluDesks

Renting coworking space with BluDesks gives you the flexibility to facilitate a hybrid working model and significantly cut the cost associated with renting office space.

With a single login, you have access to hundreds of coworking spaces in London and all over the country. Actually the world. Moreover, our pay-as-you-go model means you only pay for the space you use – enabling you to manage your costs. For example, if you only need a meeting room for one hour, you only pay for the hour.

The coworking spaces available give your teams more flexibility to work where they want and save money on travel and food. Whilst these costs savings may still need to be supplemented with wage increments, BluDesks provide you with a solution that enables you to reinvigorate your financial resources and keep your employees happy.

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