Translation Services in Our Changing Economy

We all know that there have been seismic shifts in the macro-economy over the last year, but how has that been affecting the micro-economy of translation services?The initial effect seems to have been a drastic reduction in the number of translation jobs being requested from end clients. Surprisingly enough, this downturn has been seen not only from small to midsize firms and companies, but also from large Fortune 500 multinationals.It appears to have been a sudden, almost emotional, kneejerk reaction to what was widely perceived to be a threat of some sort. What seems most obvious is that, while many businesses seemed certain that there was something dire afoot, few seemed certain about what it was and exactly how it would affect them.
The exceptions were those market areas that suffered immediate impact: banks and other financial services, as well as development and property firms.  Nonetheless, it seemed that businesses of all sorts suddenly put a hold on their document translations. Some of these of which I have personal knowledge include huge transnational oil and gas, infrastructure and transport companies.
Obviously this was not a situation which could last. Boards of Directors and shareholders need to be able to read minutes, financial statements and Annual Reports. Educational and nonprofit organizations must still file grant applications. And small and mid-size businesses which have seen a decline in custom must increase their marketing efforts in order to attract new markets.
Thus, the last six months have seen a slow, but regular, uptick in translation orders, and one would expect this to continue as markets ease, new cash is pumped into financial institutions and panic subsides.And how has this impacted the service providers ? the translation agencies and freelance translators?
There is no doubt that there have been two major consequences in the translation services industry.  The first is a drastic reduction in rates, by both agencies and translators. While some, especially those who work in legal and medical translation, may have been able to maintain close to standard rates, most have had to take extreme measures, often cutting their fees by half.
The other consequence has been a shakeout amongst the small translation agencies. Many of these agencies, despite a colourful Internet presence and a boastful marketing scheme, have been nothing but a single translator inserting himself into the translation chain. They secure a project ? often from a ?real? agency ? and then subcontract it out to other translators for a pittance. It should come as no surprise that, in order for the faux agency to secure a profit, their subcontractors are of very poor caliber, either inexperienced or non-native speakers of the target language in question.
Of the above two consequences, the first (rate reduction) will probably also experience a slow reversal, just as the translation jobs are. Rates will go back up, slowly, but, one hopes, steadily. As for the latter circumstance, one might hope that those fictive ?agencies? might indeed be gone for good.  They have never added value to the process, but rather just the opposite.
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