Reducing the Impact of Language Barriers in your Business

Forbes, in association with Rosette Stone Business, recently released an amazing study titled “Reducing the Impact of Language Barriers”.  The study speaks volumes about the need for businesses to improve their multilingual capabilities. It also points to the trajectory of businesses planning to internationalize in the future – and consequently, it reflects the increased need for a truly multilingual workforce or having resources in place to facilitate cross-language conversations.

In global, multicultural organizations, simply expecting all employees to speak one common language, such as English, marginalizes the potential impact of international talent and leaves monolingual staff ill-equipped to help the organization compete effectively in a globalized environment.

Key Points:
  • Survey of 100+ executives at companies with at least $500mm in sales (30% of these companies had over $10 billion in sales)
  • Monolingual staff leaves firms ill-prepared to operate on a global scale
  • The benefits of a multilingual workforce or access to translation capabilities can result in fewer mistakes, increased efficiency and productivity, and safety (an issue in light of increased overseas manufacturing facilities)
  • Great analogy on managers who speak the native language being informed earlier about mistakes in the banking industry (think deterioration of asset quality, NPLs .etc., in the financial crisis)
  • Impossible to succeed in emerging market economies if you don’t understand the language or become accustomed to culture
  • U.S-based firms are seriously disadvantaged relative to non-US firms – 75% of surveyed believe that it’s harder for US citizens to operate abroad due to language barriers than for non-US citizens to succeed in the U.S.

The full report can be viewed HERE.

Contact us to learn about how VerbalizeIt can help your international business.

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