Hire Professional Business Translation Service Providers

Posted by Interpretation Services on March 16th, 2021

Over the past decade, globalization has brought an alarming growth in the language service industry. Census shows that the interest grew more from years 2008-2015, as the number of translators and interpreters doubled in the U.S. between these years.

However, many long-time freelance translators do not seem to be benefitting from this growth, particularly those interpreters who don't directly deal with clients. Many reports give stats that say they had to lower their rates and work long hours to maintain their inflation-adjusted earnings. The same debate seems to be arising in blogs and articles online; namely, when demand for professional translators is increasing with new opportunities for people with advanced language skills.

There are several reasons.

1.  Globalization and internet technology.

Globalization and internet technology led to increasing demand in the supply of translators. Subsequently, an increased number of people started extending their services as professional translators. Today all professional business translation services providers and freelance translators from U.S., Canada, Australia, and Western Europe and freelance translators face global competition. Competition against the finite pool of translators who live in countries where the cost of living is much cheaper, and henceforth, they offer their services at much lower rates. 

As the law of demand and supply pertains, when supply exceeds demand, prices fall.

2.  The Sheer Number of Language Services Providers and the Business/Competition Model

Naturally, the increase in demand has led to a surge in professional business translators. Today thousands of translation agencies persist in the market, which top players dominate.

Forced to keep the prices down and invest in advertising and sales to maintain their competitiveness, many agencies give themselves limited options to keep profits up and cut direct costs (i.e., lower rates paid to translators). Whether those agencies make a considerable profit each year (or know anything about translation itself) is irrelevant.

What conclusion we can draw from this paragraph.

3. The Unregulated State of the Profession: 

The translation is not a regulated profession in many countries and has low barriers to entry. Neither has a standardized career path requiring a minimum level of training, experience, or credentials required.

CAT tools have improved efficiency so much in several areas that most clients have learned to expect different prices for the same service. Machine translation is what is allowing amateurs to pass as professionals.

Even though ISO standards and certifications from professional associations prevail, still the competition is astounding high.

The profession is open to anyone and everyone. Subsequently, high competition keeps the price lower.  

4. Technology and Technological Advancement.

From the internet to computer-assisted translation (CAT) tools to machine translation, technology is connected. The internet is what makes global communication and competition possible. CAT tools have improved efficiency so much in several areas that most clients have learned to expect different prices for the same service. Machine translation is what is allowing amateurs to pass as professionals.

Professional translation agency, not only face technological hurdles but other like geographical differences and financial ones. Both Freelancers and other full-time professionals contribute to the profession, but a balance is necessary. As the quality devalues and the profession loses its essence.