News & Media



There has been much talk in the Media about the rise of shared work space providers such as WeWork, Wotso, Regus & Servcorp.

My view, for what it is worth, is that these groups are reacting to the changes, decisions & whims of business in many instances.

Business is itself reacting to the demands for short term profit/outcomes without long term risk/commitment.

This is been driven by the rising costs of employment (which companies are not prepared to shoulder), the directors very short term outlook (often driven by their remuneration packages) & shareholders demands for greater returns ( driven by the very sensitive stock market & its commentators).

In other instances, it is the small business person who has been driven to set up their own business because of lack of employment opportunity, or by the demands of contract employment.

Big business no longer sees themselves as a career provider or maker, but rather as an immediate term profit maker.

Hence the nature of work, career & certainty is evolving for both new graduates and seasoned former employees.

Vast tracts of office space are being leased by these facilitators of change. Their future is as uncertain as that of many budding, current and former employees.

In times gone by, one worked hard at school to get into university to pave the way for a career or certain employment. This in turn facilitated marriage/partnership/ possibly children and the acquisition of a home which involved commitment to a long term finance facility. This scenario is increasingly no longer possible for many.

It will be interesting to see society evolves form here. Lower rates of marriage, home ownership and much later independence from one’s family. Indeed, the family will most probably need to be the provider of certainty for future generations, which will be a complete reversal of our post war experience.

By Gregory May



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