One of our recent blog posts referenced a conversation with Transcription 2000 Services about the matter of billing rates and her refusal to accept assignments at rates that undervalue the skills of her team of professional transcribers.
Tran2000 later received a follow-up note from team member Pat who said, "Another thing some potential clients may not realize is that, like most in our industry, Transcription 2000 Services' transcribers are independent contractors who, for a variety of reasons, have decided to work for themselves. While there are certainly benefits associated with this decision to become your own boss, there are definitely financial realities as well. With no employer to absorb employment taxes, benefits, Social Security and other overhead, most of us simply cannot afford to work in a situation where, when all is said and done, we would be making minimum wage or even less. If some of these potential clients requesting transcription service would just take a few moments to do the math, I would think it would become clear that some of their fee expectations are just not realistic -- assuming, of course, that receiving a quality transcript is important to them."
Pat makes a good point. In addition, Transcription Services also noted how this issue affects turnover, which is a significant problem across the transcription industry. Highly skilled transcribers who possess both the technical and comprehension skills needed to perform sophisticated business and financial transcription services will simply not take on work that doesn't pay reasonably. And the less talented or experienced transcribers who are willing to accept low-paying work often soon move on, either because they simply can't cut the mustard or because they can't afford to take a few years to gain the experience needed to upgrade their skill set.
The team at Transcription 2000 Services is grateful that this transcription service company continues to stand its ground on this important matter, particularly through the ups, downs, and in-betweens of the economic cycle. When asked why she feels so strongly on the subject, she didn't hesitate. "It's just like the L'Oreal commercials say: Because we're worth it!"