How to Encourage More Women into the Engineering Industry

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Engineering is a field that has traditionally been male-dominated, but in recent years, there has been a growing push to encourage more women to pursue careers in this rewarding and exciting industry.

By encouraging women to enter this field, we can tap into a wealth of untapped talent and ensure that the engineering industry remains diverse and inclusive.

In this article, we speak to Lucy Lawrence, manager at Moleroda Finishing Systems about how the industry can attract more female talent. Moleroda is a company spanning the sector, supplying deburring and finishing tools to the manufacturing industry.

The Benefits of Diversity in Engineering

Let’s talk about the benefits of increasing diversity in engineering, particularly in terms of attracting greater numbers of women into the industry.

Lucy “Diversity in any industry is a good thing, and engineering is no exception. By bringing more women into the field, we can ensure that the industry remains vibrant and innovative, with a range of perspectives and ideas being brought to the table. This, in turn, leads to more creative and effective solutions to problems, which is essential for the continued success of the industry. Additionally, by encouraging more women into the field, we can help to break down the gender stereotypes that often discourage girls from pursuing careers in science, technology, engineering, and math (STEM) fields.”

The Importance of Role Models

You mentioned before the interview about having strong role models. Explain the importance of positive role models.

Lucy “One of the biggest obstacles that women face when entering the engineering industry is a lack of female role models. Many young women may not have anyone in their lives who works in engineering, which can make it difficult for them to envision themselves in this career path. By providing young women with access to female engineers who can serve as mentors and role models, we can help to inspire them to pursue careers in this field. This can be done through outreach programs, mentorship opportunities, and other initiatives that connect young women with female engineers.”

“Women in leadership roles can serve as role models and inspiration for other women in the industry. Engineering companies can support women getting into leadership roles by providing leadership training and development opportunities, and creating an inclusive work culture that values diversity and equality.”

Provide Flexible Work Options

I know you are quite passionate about creating opportunities for working mums. Tell me about that.

Lucy “One of the biggest challenges for women in engineering is balancing their careers with family life. By offering flexible work options, such as part-time work or remote work, engineering companies can help women stay in the field and advance in their careers.”

“Quite often, companies are missing out on brilliant human resources by not taking a more flexible approach. Within engineering, as with any other industry, flexible work options can also help women who are returning to work after taking time off for family reasons.”

“I know from experience that after having a family, I was infinitely more motivated to be useful at work.  You know what they say ‘If you want something done, ask a busy person. Well who is more busy than an average parent!’.

Encourage Girls to Study STEM

If the opportunities are there, how would somebody ensure they are qualified for the role?

Lucy “First and foremost, encouraging girls to study STEM (Science, Technology, Engineering, and Mathematics) subjects from a young age is crucial for increasing the number of women in engineering. This begins at schools, but we have a responsibility to show off the exciting and rewarding opportunities available in engineering, we can help them see it as a viable career option.”

“Thankfully, there is now a lot more positive PR around women in manufacturing, so young girls are being exposed to the endless possibilities. Growth in this messaging needs to continue.”

Finding your niche

Thanks for speaking to us Lucy. What are your final thoughts, and what would you say to anyone thinking about joining the engineering industry?

Lucy: “In my opinion, encouraging more women into the engineering industry is essential for ensuring that this field remains diverse and innovative. By providing support and resources, fostering a culture of inclusion, offering professional development opportunities, and encouraging young women to pursue careers in this field, we can help to create a more diverse and inclusive engineering industry that benefits everyone.”

“It’s worth recognising how diverse the engineering industry is, so there really is something for everyone. I truly believe that anybody can find their niche in the engineering sector.  You only need to look at the Moleroda Products to get an idea of the range of sub-sectors, let alone the roles within them. We supply everyone from major aerospace companies and medical equipment manufacturers, to jewelry makers and restoration specialists.

Getting To Know You: Paul Hargreaves, Founder & CEO, Cotswold Fayre

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As part of our series profiling the finalists of the Business Champion Awards 2023 we spoke to Paul Hargreaves, the founder of Cotswold Fayre, who are a double finalist in this years awards.

What do you currently do at ‘Cotswold Fayre’

I am the founder and CEO (Chief Empowerment Officer) at Cotswold Fayre, which has two sides to the business.  The main business, which started in 1999, is a wholesaler of speciality food to around 2,000 retail sites across the UK – farm shops, garden centres, delicatessens, food halls etc.  Then in June 2021 we also opened our own retail site, called Flourish, which sells our own products and has a 120-cover restaurant.

On both sides of the business, I am fortunate to have two fantastic leadership teams who look after most of the day-to-day side of the business.  I set culture and strategic direction and support them in the great work they do.  I have discovered as I become older that more often than not other people can do a better job than me; I just need to be good at finding the right people!

What was the inspiration behind your business?

Originally, I was selling a few products from The Cotswold’s in my spare time in the late nineties and a farm shop manager mentioned how difficult she was finding to easily source and order a decent range of fine British food.  It turned out that this was a common problem, so we rented a small warehouse, filled it with gorgeous food and drink and started supplying retailers all over the UK.

I came from the charitable sector to start the business and was keen to have a business that wasn’t just about making money but made a positive difference in the community.  So, of our original first five employees, three others might have called ‘unemployable’; ex-con, recovering drug addict and alcoholic.  Since 1999 we have tried to make a positive different in all we have done since then in both in a social and environment way.

Imagine then, our delight when we discovered the B Corp movement in 2015 and became one of the first B Corps in the UK.  These are all businesses like us that put people and planet before profit and there are now 1,200 in the UK.  This movement is our main inspiration now and I spend around 20% of my time talking to other businesses about being better for people and planet.

Who do you admire?

That’s like a question I ask at interviews, “Excluding family members, who has most inspired you in your life?” I have always been disappointed with people’s ability to answer the question.  There simply aren’t enough inspiring leaders around who are inspiring their people to be better.  In fact, this triggered me writing a book about being an inspiring leader, The Fourth Bottom Line.  I use Nelson Mandela as a superb example of leadership in that book, so he would be the answer to this question.  We can learn more from reading his autobiography than any leadership or management book you might have picked up.

Looking back, is there anything you would have done differently?

Short answer: ‘plenty’.  The main two things would be to make sure I listened to my intuitive side more.  The main times I have made mistakes were when I made a very rational decision but had a nagging feeling inside that we weren’t going in the right direction.  I am better at this now, but still learning.

The second would be to take on better people sooner.  We now have a great team, but we would have better earlier if I had taken on more expensive, experienced people earlier.  They always make back for the company the extra they are paid.

What defines your way of doing business?

Put people and planet first and the profits will follow.  These days consumers and buyers want to buy products and services from companies that are making a positive difference in our broken world, both for the planet and the poor.  Companies that do this will flourish in preference to those businesses that are only about shareholder benefit.  The more we have given away as a business, the more we grow.

What advice would you give to someone starting out?

Don’t hold back and be afraid to fail, dream your dreams.  Clearly there needs to be a balance between taking risks and playing safe, but most play safe for too long.  There is still a taboo around failing in the UK.  I would rather employ someone that has failed and learned than someone who has never taken a risk.  I would also counsel anyone starting out to ensure there are people around them (not family members) who they can turn to for advice.

Cotswold Fayre are a double finalist in this years Business Champion Awards in both the Sustainable Business category and Growth Business of the Year

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Getting To Know You: Paul Hargreaves, Founder & CEO, Cotswold Fayre

Main Reasons Why Business Finance Is Vital

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A business needs to generate and maintain cash flow, secure its future growth, achieve a healthy balance sheet and increase profitability.

These are all things that can be achieved through adequate business finance.

Maintaining cash flow

One of the most important aspects of business such as casino is the cash flow. Cash flow is the lifeblood of any company; it allows you to pay your bills and keep things going without taking on debt or facing bankruptcy.

  • When you look at cash flow, there are two main components:
  • Inflow refers to incoming money that a company can use, such as revenue from sales.
  • Outflow refers to outgoing money that a company, such as expenses and taxes, must pay.

Securing future growth

There are many reasons why business finance is vital. The first, and perhaps the most important, is that you must plan for growth. When you have a secure future, your business will grow. You’ll be able to secure more loans and other financial assistance from creditors who want to see that your company’s finances are strong enough for them to lend to it again in the future.

Achieving a healthy balance sheet

The balance sheet is a statement of your company’s financial position. It shows what the company owns and owes on a particular date. The balance sheet can be a snapshot of your company’s financial health. The balance sheet displays three components: assets (what the business owns), liabilities (what it owes), and equity (the difference between assets and liabilities).

Increasing profitability

There are various ways of increasing profitability. One way is to increase the profit margins by adding more value to your product. For example, if a product can be packaged in better packaging and have additional features than its competitors, it will increase its chances of selling well.

Another way is to increase sales volume by looking at market demand and offering products that meet this demand. This strategy has been used successfully by many companies, including Amazon, which started as an online book store but later expanded into other products like groceries, which led them to become more profitable than they were initially because they were able to sell more goods than before.

Another method for increasing profitability is reducing costs through efficiency programs, such as some concepts aimed at reducing waste in production processes. Hence, it not only improves quality but also reduces the cost per unit produced over time, thus making profits greater than before without necessarily increasing prices on goods sold either locally or internationally (depending on which markets these businesses operate within).

Finally, some methods increase productivity, such as using technology-based tools/services like ERP systems which allow managers access to real-time data about inventory levels/sales performance/distribution channels used, etc., letting them make informed decisions about future strategies required.

Conclusion

As you can see, business finance is vital for any company. It’s not just about keeping the lights on and paying your employees—it’s about making sure you can grow, expand, and thrive in the future. When it comes to financing your business, there are many options available; however, finding one that fits your needs may be difficult if you don’t know what to look for in an ideal lender or financial institution.

Russian central bank explains ruble’s slide

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Declining global oil prices have been weakening the currency, Deputy Chairman Aleksey Zabotkin says

The recent weakening of the Russian ruble could be attributed to the fall of global oil prices, according to Aleksey Zabotkin, Deputy Chairman of the Central Bank of Russia, cited by business daily RBK on Monday.

Volatility in the Russian foreign exchange market has increased sharply since the beginning of December, with the ruble falling to a more-than-eight-month low against the US dollar last week. The Russian currency, however, started recovering since Friday to begin this week at around 68.2 rubles to the dollar and 72.4 rubles against the euro. Trading data shows that, despite the decline, the ruble is still up for the year, trading 10% higher than it did in early January, prior to the start of Russia’s military operation in Ukraine and the ensuing Western sanctions.

“There is a deterioration in external conditions, a decline in oil prices. This is a weighty enough reason for the exchange rate to weaken somewhat,” Zabotkin explained. He pointed out, however, that the rate is still “fluctuating in the range that has been observed since about the end of May this year.”

According to the deputy chairman, the observed weakening of the ruble will contribute to a rise in prices. He noted that every 10% movement in the exchange rate generally adds about 0.5%-0.6% to inflation. “But at the same time, it should be mentioned that these 0.5%-0.6% are not realized instantly, but are stretched over time for six to twelve months,” he said.

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“The disinflationary contribution of the strengthening of the ruble, which occurred in the second half of spring and summer, has ultimately been exhausted by now,” Zabotkin added. The regulator does not plan to tighten any restrictions on the capital account, he stressed.

The weakening of the Russian currency by the end of 2022 has been predicted by many analysts in recent months. Some experts expect it to drop even further in the months to come.

The projections come as the price of benchmark Brent oil has fallen from almost $90 per barrel to about $84 since the beginning of December. The average price for Russian Urals oil, which, after the introduction of a series of sanctions, is sold at a discount, amounted to $57.49 per barrel in December, according to Ministry of Finance estimates. A month earlier, the price was $71.1 a barrel.

The $60-per-barrel ceiling on Russian seaborne crude, devised by the G7 and the EU, came into force on December 5. The measure, along with a ban on EU imports of seaborne Russian flows, is aimed at curbing the Kremlin’s revenues. Russian oil cargoes that are traded above the threshold cannot access some key services from Western companies, including insurance.