0 How The Economic Crisis Affect The Translation Industry?

The world currently has the financial and economic crisis of proportions not seen since the Great Depression of 1930. While all sectors of the economy are suffering, some people suffer more severe impacts than others, depending on their capital needs and their susceptibility to business and consumer behavior. The translation industry is suffering from decreased volume and worse is yet to come, but the fundamentals are in order.

The good news for translators is that their industry is itself in a strong position to face the economic storm and coming relatively unscathed. There are two main reasons.

First, the translation is a work rather than capital-intensive businesses. To keep the process of translation is based, translators need very little in the way of operating expenses or general investment compared to many other industries. This means that their dependence on banks and other financial service providers is very low, which is a sobering thought, given the current reluctance or inability of many banks to accommodate those who depend on them.

Second, the translations are not generally regarded as luxury goods. In times of economic adversity, businesses and households are likely to save money on goods or services they can do without, and to postpone purchases or acquisitions that are not essential to their survival in the short term or well-being. In most cases, however, translations are commercial necessities that are essential for effective communication in an international context. A manufacturer wishing to sell its products in China must ensure that the Chinese know what it wants to sell and understand their business (and vice versa). And despite the global crisis, globalization is an ongoing process.

Companies with employees around the world rely on English as main language of communication, but they operate in different linguistic areas and is essential to translating all correspondence, documents and advertising so if you really want to contribute to their employees and customers and keep their business running smoothly. Without translation, the company would have to stop and do not have much time, that is, either.

This does not mean, of course, the translation industry is immune to the effects of the economic crisis. Of course, if firms in other sectors suffer from decreased sales volumes, the need for translations to support business processes will necessarily decrease. At the same time, there will be a negative multiplier effect of nonessential orders translations. Examples include company brochures, staffing plans and facilities, advertising material, etc.

Whatever the case, however, a company that does business overseas should be able to communicate effectively and, therefore, have an ongoing need for translation services bases. The tendency to rely on their own efforts English will grow, which may be sufficient for a very basic level of communication, but, of course, is complemented by advanced and professional services for effective communication in formal and legal operations.

In summary, the economic crisis will bring about a change in emphasis in the field of translation, instead of non-essential documents and publications to business-critical communications that are operationally critical to transactions taking place. Inevitably, this change will make their mark on the income of translation agencies. How should they respond?

Is often heard in business that people are one of the most important assets of a cliché Company's expressed particularly by managers when they are in a flattering mood, or statements designed to prevent union councils making event management decisions. But it is very true and perhaps even more in the translation industry as in many other companies. In tough times, the most important thing to consider for a translation agency simply cannot exist without translators. For this reason, any person whose first reflex in response to declining revenue is to make redundant its translators, it is actually dig his own grave. An ice cream maker that decides to sell its ice machines in response to a drop in income may be able to purchase new equipment, once the crisis but experienced professionals are not so easy to find and when they are carried part of your business with them.

When the numbers are down, and the backlog becomes thinner, there are all kinds of jobs or semi-employment schemes that can be taken into account, including freelance contracts to continue the relationship with your primary translators, even If you cannot offer them full-time permanent employment in the foreseeable future. Whatever you do, do not interrupt your connection to your translators, and does not suggest that this is what you want. Instead try to find ways to move your employees to more flexible forms of contracts that can give them, for example, working with other agencies too.