Multilingualism is an essential component of global corporate success and Spanish is one of the most widely spoken and understood languages in the world. Even when recruiting for jobs in their home market, almost a half of all companies say that prospective candidates need to be fluent in a foreign language and a further 13% say that multilingual ability is key in selection.
Not only is Spanish one of the official languages for the United Nations, the European Union and the Organization of American States, but it has also trascended the boundaries of business when it comes to fields such as literature, agriculture, engineering and trade, being one of the most widely used languages after English.
The relevance of Spanish for business in organizations has increased in the last few decades mainly because of the economic growth some countries in Latin America have experienced. Some of these countries have given a huge leap forward in terms of their international economical positions, which has made knowing Spanish a necessity in seemingly distant countries such as Japan and India, where international trade is done with Spain and Latin America. The creation of bodies like the Pacific Alliance has also made trade with Spanish-speaking regions more attractive in recent years.
Learning business Spanish is relevant if you want to be able to close deals or be an entrepreneur and succeed in a Spanish speaking market. With over 400 million native Spanish speakers and that number growing at a rapid rate, Spanish is undeniably vital in playing a successful role in the world’s economy.
Knowing Spanish makes you more employable
When it comes to job opportunities, being able to speak Spanish as a second language will definitely increase your employment options. Nowadays, several positions require second language abilities. In addition, when you speak a second language your chances of being hired by a foreign corporation increase. Some sectors that have more demand for bilingual workers include finance, sales, technology, manufactuing, professional services and government jobs, though the need for Spanish speakers increases day by day in all sectors.
According to the January 2005 Korn/Ferry International Executive Recruiter Index, 88% of executive recruiters say the ability to speak more than one language is critical to international business success. 79% of North American recruiters cited Spanish as the additional language most in demand by employers. French was next at 43%, followed by Mandarin Chinese (30%).
On the other hand, studies have shown that bilingual employees can earn between 5% and 20% more per hour than those who only speak one language. Bilingual employees have a useful skill that can translate into increased revenue for the company, and as a result, some companies will compensate these employees accordingly. Reports have shown that the pay difference for bilingual workers can increase base hourly pay anywhere between 5-20% per hour.
“In today’s global economy you really have to understand the way business is done overseas to maximize your potential. A second language equips you for that,” says Alister Wellesley, managing partner of Stamford.
Though English has been and continues to be, the most important language when it comes to international communication, Spanish has gained more and more importance due to globalization and how Spanish markets have grown.
But then… how can you improve your business Spanish? Take a look at our previous post where we give 7 key tips to help you become fluent in Spanish.
So… what are you waiting for? Improve your Spanish skills and increase your job opportunities and income!