June 15, 2020

The impact of new reality on translation industry

Nowadays the society has faced a global challenge that has no any analogues in the modern world. The pandemic led to significant changes in all sectors of our life. Most experts from various industries note that COVID-19 has already created so-called new reality, which means the development of a platform economy, increased attention to health, including emotional well-being, as well as new approaches to work.

Earlier we reported the results of a March survey conducted by an independent international analytical agency. The survey dealt with the main problems that the heads of the translation companies faced in the beginning of the pandemic. The respondents identified the negative trends, such as demand reduction for translation services, uncertainly about the length of the pandemic, effect of coronavirus on working terms and conditions, as well as other factors that put pressure on business development.

In early May of this year, the analytical agency conducted another survey. 115 the world’s largest translation companies, including TechInput took part in the survey. Most respondents noted that the pandemic caused a significant demand reduction in translation industry. Also, the results of the survey revealed that the financial and administrative issues were a matter of concern for the heads of companies. Among them: preservation of the number and staff of employees, emotional and physical health of the staff, expenses for infection disease control.

During lockdown, most of the companies partially or fully have put to uses remote work for the employees. The results of the survey revealed the weaknesses in remote work, such as time management problems (necessity to look after children and solve household issues), lack of tools for remote monitoring of the duration of staff work hours, and insufficient technical equipment of the workplace. In addition to these factors, the respondents called loneliness (isolation from the team) as one of the main disadvantage of remote work.

In their turn, all the survey participants take actions to solve the problems of new reality. They conduct online events in order to maintain the corporate spirit of employees (80% of the survey participants have initiated such an activity), use a flexible work schedule (72%), and provide technical equipment to the house (68%).

Most of the industry leaders assess the current situation negatively in terms of business prospects. However, most companies plan to keep the attributes of the new reality in work: online meetings with customers and contractors (87%), video conferencing (86%), combined remote work (83%).