A recent report put out by the Economist Intelligence Unit describes how language affects business done across borders. This article describes how translation (spoken interpretation and written translation) fits in this puzzle, so that company can better understand the situations where they might best utilize such services.
The skinny: Companies understand they are not providing the best returns for shareholders because of failures in cross-border communication. Translators are an important part of the solution mix. Here’s how...
Comprised of a survey and interviews with experts and senior executives, the report suggests that companies experience challenges relating to how well, or poorly, multi-language resources are managed. Here’s some quick stats:
Beyond such fluffy statics, it’s most important to consider local challenges. 61% of Chinese-based firms say that they have ‘suffered financial losses as a result of failed cross-border transactions.’ Lan Kang, the general manager of human resources at Fosun Group, based in Shanghai, attributes such difficulties not only to language, but also culture: The ‘high-context’ Chinese style of communication does not always translate well into the ‘explicit’ approach normally taken in the American style. But, how does a company cross such barriers in the best way? There’s a choice between using employed bilinguals, or contracted translators.
On using bilinguals
It is true that job candidates with two+ languages are in demand - approximately 40% expect job candidates to be multilingual. Bilinguals are useful, especially at the higher end of the employment market, where superior skillsets are correlated with superior second-language skills. Yet, bilinguals are not always the best option. The bilingual bottleneck can filter out other desirable traits more specifically suited to the job, especially in places like China, where Ms Kang says ‘Western multinationals often limit themselves to English-speakers and thus miss out on people with excellent operational experience who don’t speak English.’ There are also other issues, that we have discussed previously.
On using translators
The results of this report indicate that interpreters are most commonly used during communications with an outside firm. 42% report using interpreters and translators to communicate with ‘external partners across borders’. Almost half of that, 23%, report the same internally.
Likewise, of the external factors affecting cross-border communications, the most critical are in developing relationships with clients or customers overseas, selling overseas, and branding/marketing. This makes sense - You only get to make a first impression once, and if that involves butchering the relationship via poor communication efforts… As they say, that’s all folks.
The translator wants how much money?
It’s true. Good translators are expensive. That’s why we think that companies doing cross-border trade or operations should carefully consider their specific situation. Bilingual employees might just be the right option, or they might not.
So, consider the situation:
If YES, that interpreter or translator might just be a great investment. You, your customer, and your shareholders will appreciate how your interpreter pays dividends.