As a pioneer in the online transcription services industry, Transcription 2000 Services understands better than most the potential ramifications of the current disturbing industry trends regarding so-called "competitive" pricing. Although on the surface this increasingly unrealistic pricing environment may seem like a good thing from a prospective customer's point of view, we know better. In fact, as our grandmother might have said, this cut-throat pricing approach equates to "throwing out the baby with the bathwater."
It doesn't take an advanced degree in economics or more than just a basic understanding of how a P&L statement works to understand the economics of this. Consider a transcription services company that provides services to its customers at $1 per audio minute. (Some advertise even lower.) Also consider that an experienced, skilled transcriber can produce a proof-read transcript of 60 minutes of spoken word in a range of, say, 4 to 7 hours, depending on a variety of factors, including: number of speakers; quality of audio and/or background noise; amount of research needed regarding esoteric or technical terminology; accented speakers, etc., etc. Do the math, factoring in even a very modest gross profit for the service provider company.
The bottom line is that an experienced transcriber, one who has expert mechanical skills as well as critically important comprehension and research abilities, is often earning less than minimum wage if he or she is an independent contractor, with no benefits, paid time off, etc. And those transcribers who are actually employees of these cut-rate firms, are often compensated at the very lowest rungs of the economic ladder.
Thus, the baby-with-the-bathwater outcome. The end result is people enter this demanding profession, work under time pressures on frequently difficult work, and then relatively quickly exit the profession for greener pastures. And as any business owner will vouch, frequent employee turnover is undoubtedly the greatest impediment to providing consistent quality services and products.
At Transcription 2000 Services, do we appreciate and value the skills our team of experienced transcriptionists bring to the table and promise to never accept a transcription assignment that doesn't pay them a reasonable and fair wage for those skills? Yeah, baby.