WorkplaceOne Blog

How the world is adopting the new share economy

How the world is adopting the new share economy

Millennials are reshaping the workplace. New businesses and startups operated by Millennials have given rise to a global “share economy”, Toronto included. It's been reported that freelancers and independent contractors will make up 40% of the workforce by 2020. The share economy has helped position small businesses, solopreneurs and startups on the right path to success. This influential demographic of business owners is constantly searching for and innovating the way the business world operates. This revolution in the way businesses operate has a few key objectives in common, mostly focus around sustainable business costs, transparency and operation efficiency.

A small snapshot of the bigger picture in the business landscape demonstrates that the share economy is creating new services and jobs for people looking for freedom. Startups like Uber and Airbnb are prime examples of how new ideas change the world. Not owning a car is no longer a disadvantage and motivated individuals can work for themselves operating as Uber Drivers. For the avid traveller, spending hundreds of dollars on expensive hotels is now a thing of the past. Airbnb member can find a place to stay for as long as they need to anywhere in the world.

What makes Millennials special is how they engage with technology. They are digital natives who've grown up familiar with the internet, smart communication devices and online social platforms and consume vast amounts of data in short amounts of time.

“Millennials tend to be uncomfortable with rigid corporate structures and turned off by information silos.

They look for new approaches to management and operations. This highly driven demographic is enthusiastic to learn and motivated to move up the corporate ladders in rapid succession. That said, the Millennial generation is willing to seek new opportunities if their expectations at an organization are not fulfilled. A flexible approach to work that is worthwhile and encouraging motivates this adult segment.

Keeping the examples above in mind, conventional office spaces are slowly becoming obsolete. The share economy trend has also paved the way to the shared office space market. The cost effective nature of this alternative office space model makes operational costs of running a small professional business or small startup sustainable. The flexibility of these spaces also gives companies the opportunity to grow in a business community full of ideas. The power of people from different business disciplines and services working cohesively under one roof kicks the doors of opportunity wide open. We're living in a modern renaissance of sorts with new ideas that shape the world to make it more sustainable and it's all thanks to the Millennial business era.

If you'd like to learn more about shared office spaces, please feel free to contact us.