Corporate workers are struggling when it comes to finding a better work-life balance, nearly half (45%) of tech professionals say that their job isn't providing them with the desired work-life balance that they would like to have. That’s according to a recent study of 1,600 tech workers by employment agency Dice.
With fierce competition for top talent, tech giants like Facebook, Apple and Google are looking for new ways to attract and retain employees. And though high tech offers some of the most competitve salaries out there, job dissatisfaction continues to be a major issue for almost all tech companies. According to a PayScale survey tech companies had the highest turnover rate of all Fortune 500 companies, with the average worker staying in their job for only 3.68 years. The Dice study also showed that many tech workers are willing to make major changes in order to achieve greater job satisfaction, 50% of those surveyed stated that they would be willing to move to a new city and 52% said that they would move to a new state or region.
The demand for tech talent is extremely high with intellectual capital being the primary asset of almost any tech company. This makes it relatively easy for highly skilled tech employees to move between companies. In fact, it is precisely those employees which are most talented, and thus valuable to their employers, who can easily and quickly switch to a competing company. Losing key employees at tech companies can be extremely damaging. In many cases the loss of a top employee can delay, or in some cases derail, the projects that they are involved with.
One way to keep this top flight talent workers happier is providing them with flexible solutions for where they can work. Coworking hubs are flexible work spaces which offer shareable work facilities including desk space, meeting rooms and of course, high speed internet access.
Coworking hubs are often thought of as a place predominantly for creatives, consultants and start-ups. But these same spaces also have plenty of potential value for more established tech companies as well. Co-working hubs are often more conveniently located to the areas in which tech employees actually live. This reduces the dreaded commute and may even allow for the enviable walk to work.
At the same time co-working hubs have the same conveniences and attractions of the workplace. Unlike working from home tech workers in a coworking space don't suffer the same sense of isolation.
By taking over multiple desk space small teams from the company can work within the same coworking space. Fast internet, kitchen facilities, comfy sofas and all of the other amenities of a modern tech company are also available in these co-working hubs. Tech employees also like the buzz of being around start-ups while still enjoying the benefits of working within a major tech company.
For highly skilled positions in tech, it costs companies on average estimated 400% of that employee's annual salary to replace them, according to a recent study published in Forbes.
So making sure that tech employees are kept happy and turnover minimized, companies are starting to send their employees to coworking hubs. Coworking spaces offer a cost-effective way to enable tech employees with more flexible ways to do their job and improve their work-life balance.