by Catherine Deschamps-Potter, ICD Translation Vice President of Sales and Marketing
Research recently conducted in Switzerland shows that a multilingual approach to business yields many social and economic benefits. This is an interesting study, as one-in-four companies in the UK and one-in-six companies in the U.S. are losing out in the international marketplace due to a lack of language skills and cultural awareness.
The importance of a multilinguistic approach is especially evident in the IT industry, as its value is about 25 percent. In the chemical, transport and engineering industries, you see multilingualism to each be valued at more than 15 percent.
Switzerland’s high level of multilingualism (the four national languages are German, French, Italian and Romansh) makes it a prime example of the need for increased multilingualism in global economics and trade. The economic value of multilingualism is estimated to be as much as nine percent of Switzerland’s GDP and is therefore a source of considerable wealth for the country. Switzerland can also serve as a model for organizations to evaluate the language-related costs and benefits of not only international trade, but also the potential return on investment for translation and localization campaigns, in an ever-changing global environment.
If your company would like to have a leg up on the competition, you ought to consider partnering with a translation agency that offers professional website translation services to break into this growing global economy.
Source: Hogan-Brun, G. (2017, January). Multilingualism: Switzerland’s unique selling point. SWI swissinfo.ch. Retrieved from http://www.swissinfo.ch/eng/business/multilingualism_switzerland-s-unique-selling-point/42890736