Careers at WeWork
WeWork provides co-working spaces and flexible office rental services to individual customers, small businesses and start-ups, and large enterprises, with a view to providing flexible, quality, and affordable working solutions to its customers.
WeLive was formally incorporated in 2010 b Adam Neumann (“Neumann”) and Miguel McKelvey (“McKelvey”). The Company has its roots in a former co-working start-up launched by the pair in 2008 under the name GreenDesk, which provided eco-friendly co-working solutions to small businesses and independent professionals in Brooklyn. Neumann and McKelvey sold GreenDesk in 2010, and began developing WeWork, focusing on the concept of community. WeWork’s operations were officially launched with the opening of its first location in New York’s SoHo district in 2011.
WeWork’s concept quickly gained traction, allowing the Company to expand its operations quickly. By 2014 the Company was reported to be the fastest-growing lessee of office space in New York. The Company consequently attracted significant attention from the investment community, and to date has raised $1.43 billion in seven rounds of funding, securing investments from high-profile companies such as Goldman Sachs, JP Morgan, and Harvard Management Company.
Today, WeWork operates a network of offices across North America, Asia Pacific, and Europe. It has also launched a co-living unit named WeLive that operates under a similar business model. The Company’s most recent round of funding raised $430 million at a valuation of approximately $16 billion.
Benefits at WeWork
Business model of WeWork
WeWork provides co-working facilities, and various business services to a range of customers. The Company rents office space and hot-desk space to two principal customer segments:
- Individuals, comprising freelancers, independent professionals, and solo entrepreneurs; and
- Enterprises, comprising small and medium-sized businesses, tech start-ups, as well as larger enterprises.
WeWork provides a dedicated service to larger enterprises, providing a range of office solutions – including private and custom offices, satellite offices, and conference rooms - to multinational corporations and their remote workers. The Company’s enterprise customers include high-profile companies, particularly tech businesses, such as Microsoft, Pinterest, BuzzFeed, IBM, Dell, KPMG, and Spotify.
WeWork’s principal market is its native US, where it serves customers across a network of major cities, including New York, Los Angeles, Detroit, Chicago, San Francisco, Portland, and Miami. The Company additionally serves customers in the UK, Australia, Canada, China, Germany, France, India, Mexico, Israel, Hong Kong, the Netherlands, and South Korea.
WeWork has also recently launched a WeLive unit which provides flexible stay co-living rentals to general consumers seeking flexible and affordable living solutions.
WeWork provides value to its customers in the following ways:
- Its competitive and flexible pricing model, with the Company providing workspace and larger office spaces to customers at competitive monthly rental prices, offering flexible rental contracts that can be renewed;
- The quality of its facilities and provision of amenities, with the Company operating high-quality, modern office locations, with a range of supplemental amenities such as free internet, free refreshments, office equipment, and private phone booths;
- Its international reach, with the Company operating an extensive international network of office locations across North America, Europe, and Asia Pacific, including in the UK, Australia, China, India, the US, and Mexico;
- Its community atmosphere, with the Company’s office locations fostering a community atmosphere and organising networking events, that allow customers to interact with one another, provide feedback, and share ideas; and
- Its service partnerships, with the Company providing various discounted services to its customers through its network of partners, including lower costs on healthcare and HR solutions, payment processing services, and shipping and distribution solutions.
WeWork operates a website at www.wework.com, through which it provides information on its services, locations, and amenities. Potential customers are able to schedule site visits and make enquiries directly through the WeWork website. The Company also operates an online customer portal, which enables customers to manage their accounts and make payments online. Similar functionality is available through the Company’s mobile app.
WeWork operates an in-house sales and service team which sells services and provides support directly to customers. It also operates a dedicated Corporate Sales Department, which works closely with its larger enterprise customers, such as Microsoft, IBM, and Dell. Additionally, the Company operates team of on-site support and service personnel that are able to provide assistance to customers in-person and in real time.
In addition to its WeWork office locations, the Company also operates WeLive co-living developments in New York and Washington DC.
WeWork provides services on a largely self-service basis. This includes the Company’s website, which allows potential customers to arrange office viewings, as well as its dedicated online customer portal, which allows customers to make payments, manage account details, and access other services without interacting directly with members of the Company’s sales and marketing teams.
WeWork provides services directly to its customers through its sales teams, notably its dedicated corporate sales personnel, which deal with the Company’s larger enterprise clients. This includes specialist account management teams that are available to provide a personal service to WeWork’s corporate customers. WeWork also provides personalised service to customers through its on-site staff, who are available to customers to provide tailored assistance with enquiries and complaints.
Alternatively, customers can contact WeWork’s support teams over the phone or via post, and can leave messages with the Company via an online contact form. Customers are also able to interact with the Company directly through its social media accounts with Facebook, Twitter, LinkedIn, and Instagram.
WeWork operates as a real estate developer and property manager. It principally provides various consulting, office rental, and other business services to a range of customers, primarily freelance workers, small businesses, start-ups, and large enterprises.
The Company offers shared office space in return for a monthly fee. Its facilities come with a range of amenities included, such as high speed internet, private phone service, mail handling, free refreshments, and other amenities.
The Company has a range of office locations across the US, including in all major cities, such as New York, Los Angeles, San Francisco, and Chicago. serves customers worldwide. Additionally, WeWork operates a WeLive business that provides co-living solutions to customers in the US.
WeWork works in conjunction with a range of companies and business in order to provide its customers with the best possible services and amenities. These partners can be categorised broadly as:
- Broker and Referral Partners, comprising a range of websites and companies that assist in the marketing of the Company’s services, operating primarily as affiliates that earn commissions when introducing new clients to the Company;
- Real Estate Partners, principally comprising property developers with which the Company collaborates on the development of office locations;
- Supplier and Service Partners, comprising suppliers of equipment, tools, technologies, and resources across the Company’s international network of offices, and providers of various services that support the Company’s operations and activities; and
- Strategic and Alliance Partners, comprising a range of companies and organisations, with which the Company shares resources and collaborates on joint projects.
WeWork has a number of service partnerships. This includes a banking partnerships with Chase Bank, a distribution and delivery partnerships with UPS, a human resources partnership with TriNet, and accounting partnership with inDinero.
WeWork’s key resources are its network of office locations and related equipment, its IT and communications infrastructure, its partnerships and service providers, and its personnel. The Company’s most important resource is its portfolio of owned and leased properties, at which it rents space to customers.
This includes office locations in more than 30 cities across North America, Europe, and Asia Pacific – including in London, Seoul, Amsterdam, Hong Kong, Berlin, Montreal, and Shanghai – as well as WeLive co-living spaces in New York and Washington DC.
WeWork incurs costs in relation to the development of its property portfolio – including the lease and acquisition of properties and the development of new buildings, the maintenance of its IT and communications infrastructure, the management of its partnerships, the payment of professional services fees, and the retention of its personnel.
With WeWork’s major costs relating to property rental and lease fees and the payment of salaries and benefits to its workforce, it principally has fixed costs.
WeWork primarily generates revenue through the rental of office space. The Company’s business model is to rent office space at a cheap rate, via long-term lease contracts, which it then re-rents to small businesses, start-ups, and individuals at higher rates under a flexible renting model.
WeWork’s rates vary considerably across its various properties, with We Membership plans starting at $45 per month, Hot Desk rental starting at $220 per month, Dedicated Desk rental starting at $350 per month, and Private Office rental starting at $450 per month. Additionally, the Company derives revenue from its WeLive co-living unit, which operates under a similar model.
WeWork remains a privately-owned company and as such does not publish its financial performance figures. Reports, however, suggest that the Company initially expected to bring in $620 million in revenue for 2016, but revised this number down to $532 million.
info: Neumann has served as WeWork’s Chief Executive Officer since co-founding the Company in 2010. He is also a co-founder and current President of children’s clothing business Egg Baby. Additionally, he functions as an advisor to a number of start-up companies. Neumann is a serial entrepreneur across multiple industries, and has been particularly active in New York. Neumann previously co-founded another co-working space provider named Green Desk, which assisted in developing the Dumbo neighborhood in Brooklyn into a hub for small, creative companies and start-ups. He also co-founded and headed Big Tent Inc, where he developed the Egg Baby and Krawlers brands of children’s clothing. More recently, Neumann was involved in the conversion of the top 25 floors of the Woolworth Building into residential space.
info: McKelvey has served as WeWork’s Chief Creative Officer since co-founding the Company in 2010. He also continues to work at Generation Design Studio, a cross media design company that he founded in 2007. McKelvey has founded numerous companies, dating back to 1999 when he co-founded Versation/English, Baby! Inc, a project management and concept development business, where he also served as Chief Creative Officer. From 2004 he served as a project manager at Jordan Parnass Digital Architecture, before co-founding Seven Planet, a chain of green general stores in Portland, in 2007. That same year McKelvey also co-founded Green Desk alongside his WeWork partner Neumann.
info: Christian Lee (“Lee”) has served as Chief Financial Officer at WeWork since joining the Company in 2015. Lee has held numerous senior financial roles across multiple industries since the 1990s. From 1998 to 2001 he worked at Citigroup, serving in several roles, including spells as associate and analyst. Following his time at Citigroup, Lee went on to be appointed Director of Mergers and Acquisitions at Time Warner Inc. He served briefly as an investment analyst at Acap Partners in 2006, before re-joining Time Warner in 2007, where he served as Senior Vice President and Head of Mergers and Acquisitions for more than 8 years before joining WeWork.
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