WARWICKSHIRE MEANS BUSINESS

Welcome

Welcome from Monica Fogarty, joint managing director of Warwickshire County Council

Hello everybody and welcome to the March edition of Warwickshire Means Business.

It has been a very encouraging start to the year for businesses in our region. Following last month's excellent news that Warwickshire is leading the country in terms of productivity growth, last week the Coventry and Warwickshire area was recognised among the top regions in Europe at the prestigious MIPIM awards in France.

Against very strong competition, the Coventry &Warwickshire Local Enterprise Partnership (CWLEP) area was placed in the top six in Europe in the categories for economic potential, areas of the future and business friendliness. The recognition offers further proof of the strength and diversity of our business community and bodes well for the future.

It was interesting and very pleasing that the region rated so strongly for business friendliness. It is nice to know that ours is a friendly and welcoming region, as well as a successful one.

To ensure the future remains bright, for businesses of all sizes and in all sectors, we need to ensure a constant pipeline of talented young people coming out of schools and colleges. Warwickshire County Council's Economy & Skills team works constantly to help address the skills & recruitment challenges which affect many businesses and it was great to hear the subject explored with such passion at our recent Skills Conference in Stoneleigh.

The full-house event, attended by many businesses and education-providers, underlined the collective commitment to tackling this issue.

Thank you for reading this latest edition of Warwickshire Means Business, which is now issued monthly because there is so much going on! If you think there is something we should cover in a future edition, please email brianhalford@warwickshire.gov.uk.

Featured News

CWLEP region recognised in the top ten in Europe

Coventry and Warwickshire’s strong economic performance has been placed in the top ten in Europe in three categories of awards at a major investment show.

The Coventry and Warwickshire Local Enterprise Partnership (CWLEP) area picked up three awards at the European Cities & Regions Of The Future Awards, organised by FDI Magazine.

The CWLEP area was placed fourth for economic potential, fifth for areas of the future and sixth for business friendliness at the awards held at MIPIM – the world’s largest property investment and development show.

Alongside recognition for the region, the city of Coventry also tasted success with three awards. Coventry was one of only two English cities, along with Bristol, named in the cities of the future category in the company of Zurich, Gothenburg and Bonn.

Arriving soon after the last month's news that Warwickshire is leading the country in terms of productivity growth, and Coventry recently being confirmed as UK City of Culture 2021, the recognition at MIPIM offers further proof of the strength and confidence of business in the county and region.

Warwickshire County Council deputy leader Peter Butlin said: said: “The Coventry & Warwickshire area has a huge amount of real strengths and a quickly growing and prospering economy.

"It is really pleasing to receive this sort of recognition, and we continue to work with our partners to shout about our success and put Coventry & Warwickshire ever more firmly on the map as an economic success story.”

Nick Abell, vice-chair of the CWLEP, said the progressive approach by the city and county had clearly been recognised.

“The CWLEP and all parties across Coventry and Warwickshire have worked very hard in recent years to ensure we make the most of the economic assets and potential that we undoubtedly had,” he said.

“That has involved presenting a strong case for investors, helping our existing companies toachieve their growth plans and working closely with our two universities to help drive forward our technical excellence.

“That combined determination and a willingness to work in partnership is clearly bearing fruit which is rewarding, but will just act as a reminder that more needs to be done and that we have plenty of more potential to fulfil.”

 

Conference full house embraces the Skills Gap challenge

Warwickshire County Council’s 2018 Skills Conference was a great success as more than 100 people from business and education gathered to discuss skills challenges facing the county.

The annual conference has become a much-respected feature of the county council's ongoing commitment to helping businesses meet those challenges. The council's £2.4 million Skills for Employment programme, which tackles skills shortages and enables young people to become work-ready, was recently allocated an additional £600,000 funding through to 2020.

Delegates at the conference were given plenty of key data and information to digest about the county’s skills picture as it stands now and how it might look in the future. Potential issues caused by Brexit were also discussed.

Key facts included:

  • Warwickshire is the fastest growing economy in the country since the recession
  • More than 1,000 young people aged 16-18 leave education every year and may be looking for work
  • One in five low-wage jobs are filled by EU nationals, many of whom would not meet current visa entry requirement
  • 116,000 current jobs in Warwickshire are at high risk of being lost to automation in the future
  • Four key skills have been identified as being needed for the jobs of the future: Communication; strategic; analytical; and innovative
  • Nationally, 65% of children entering primary school today will work in jobs that don’t yet exist

Much robust discussion took place, both around tables and at a Q&A session with a panel of experts which including Lee Gray (headteacher, Studley High School), Neil Coker (vice-principal, Warwickshire College Group), Lindsay Stewart (chief operating officer, Stratford-on-Avon College), Elaine Stock, (assistant head, Avon Valley School) and Sarah Windrum (digital skills lead for Coventry & Warwickshire LEP).

Also in attendance was Steve Stewart, chief executive of Careers England, who hailed the conference as "a great event."

"We’ve had employers who want to recruit along with schools and training providers," Mr Stewart said. "They are all agreed on what we have to do; get rid of the gap between what employers want and desperately need and what learning-providers offer.”

Sarah Windrum, who is CEO of the Emerald Group as well as digital skills lead for Coventry & Warwickshire LEP, commented: “It was great to see a full-house at the Warwickshire Skills Conference. That is testament to the commitment from our schools, colleges, and businesses who are working with the county council to tackling our skills challenges.

"Our recent success in increasing productivity across the region clearly indicates how well we are working together, but as always, there is lots more to do and there were many good ideas from the conference to take forward. Thanks to all the team at WCC for their hard work on this agenda.”

Neil Coker added: “The conference gave us an excellent opportunity to further explore the challenges faced by the future skills needs in the area. It was an excellent network event supported by detailed local and strategic contexts. Warwickshire College Group is pleased to be part of continuing positive conversations that will ensure we continue to provide the region with a well-trained and highly employable workforce."

A short film montage featured 12 of the 36 skills-related projects WCC has funded in schools, colleges and businesses around the county in the past three years. To see the film and find out more about the Skills for Employment programme please visit: www.warwickshire.gov.uk/skillsforemployment

Successful conference points way forward for high streets

The 'Digital High Street' culture and accessibility were the focus at this year’s Warwickshire Towns Network conference; the second year for this popular event held at the Holiday Inn, Kenilworth.

Hosted by Chair of The Association of Town and City Management (ATCM)and Perth City Centre Manager Leigh Brown, the event brought together place-makers, officers, partners and local businesses from towns around the county, as well as practitioners from across the West and East Midlands Region.

The vibrant event was well-attended and offered a walk down the digital high street as well as incorporating hot topics such as creating culture, post-Brexit tourism, and inclusivity.

Here are some of the some key moments and points made during the day:

“Today is about all of us coming together and supporting each other to help make our towns the best they can be for those who live, work and visit them.” Leader of Warwickshire County Council IzziSeccombe opens the conference.

“Encourage vibrancy, entrepreneurism, and creativity through collaboration, support, and promotion of healthy competition.” Warwickshire County Council Head of Transport and Economy Mark Ryder talks about Warwickshire: the fastest growing economy in the country, outside of London.

“60% of consumer facing businesses in Warwickshire’s towns have a digital presence. Of the remainder, 33% remain totally disconnected digitally.” Warwickshire County Council Team Leader for Town Centres and Tourism Rachel Baconnet talks about research on Warwickshire’s “digital high streets” by Loughborough University.

Over £60,000 raised through online crowdfunding by Coleshill Town Council and Studley In Businessto deliver projects in their local areas. Over 230 backers on the Spacehive civic crowdfunding website for these two projects, including contributions from the county council’s capital Placemaking Fund.

“A third of Warwickshire job listings require digital skills.” Emerald Group CEO Sarah Windrum on digital progress and the ambition of Coventry and Warwickshire Local Enterprise Partnership: “Build digital capacity in town centres.”

“Brexit has already changed UK tourism.” Acting ACTM Chief Executive Ojay McDonald talks about the power of the hashtag, the sustainability of a Brexit tourism boost, and the need to attract more non-EU tourism to the UK.

"£350m economic benefit and 2.5m extra visitor days in 2021." Head of Fundraising for the City of Culture Trust Michael Mogan tells the conference about the estimated benefits of Coventry being awarded City of Culture 2021, and how it will spread out into the wider area.

“The Purple Pound is worth £12.4 Billion to the tourism economy.” The opportunities offered to town centres and local businesses through improved accessibility, inclusivity and better planning – Becki Morris, Founder of the Disability Cooperative Network.

Meet the business that digs out the gritters...

You know the snow is bad when even a gritting lorry gets stuck in it - and when that happens you need some serious pulling power to salvage the situation.

When a gritter became stranded in the Warwickshire countryside in the snowdrifts of late February, it was Napton-based B-Line who were called upon to supply the required pulling power.

The longstanding family-firm went to the rescue with one of its fleet of 57 vehicles, a fleet which recently expanded as the company continues to grow - with important support from Warwickshire County Council.

B-Line, which specialises in plant hire and civil engineering projects, is one of Warwickshire's unsung business success stories.

Like many companies in that sector, they were hit hard by the crash ten years ago and the workforce shrank from 40 to six. But for father and son Bill, who founded the company, and Danny Line, "failure was not an option."

They possessed the resilience to keep going through the harder times - and now the corner has been well and truly turned with the workface back up over 50 and working on some large-scale projects across the region.

Alongside the small matter of rescuing gritters, B-Line has major contracts with, among others, Jaguar Land Rover, Aston Martin, the Highways Agency and HS2.
That resilience was vital to the company's resurgence, alongside expertise and experience forged over decades. But also a big help was Warwickshire County Council's support which enabled them to make a substantial investment of £115,000 into new plant and, just as importantly, some guidance from council business support advisor Jagdish Soor.

"The support from the council has been fantastic," said Danny Line. "Jagdish really knows his stuff and spent a lot of time talking us through ways we might grow. We have built up again since the crash and things are going okay but you always need to keep looking ahead and have a strategy in place. Jagdish has a lot of ideas for that.

"With all this support we are now pleased that our entire fleet is heading towards Bronze FORS accreditation and the new, state-of-the-art lorry is fitted with all the security devices complies to a Silver FORS accreditation. It is a fantastic vehicle, the flagship of our fleet, which will enable us to fulfil more contracts and hopefully employ more people as we continue to grow."

Jagdish Soor said: "It has been a pleasure to work with B-Line, a business which weathered the recession, built up again and shown a really proactive approach to targeting more growth.

"They are an unseen success story of the Warwickshire business community and, with their forward-thinking approach, are well-placed to remain one."

* The Access to Finance advice for the company was delivered as part of the Coventry and Warwickshire Business Support Programme, which is part-funded by the European Regional Development Fund and Warwickshire County Council. 

  • To find out more about the range of support available to grow your business, please contact the Growth Hub on 0300 060 3747.

New Apprenticeship Guide launched during great week

Apprenticeship Week was a great success in Coventry and Warwickshire - and the perfect time to launch Warwickshire County Council's brand new Apprenticeship Guide.

During the week, employers and apprentices from across the region came together to celebrate the success of apprenticeships whilst encouraging even more people to choose apprenticeships as a pathway to a great career.

Warwickshire County Council's business skills advisor Fay Winterburn was hot on the event trail, promoting apprenticeships and the launch of the council's new Coventry and Warwickshire Apprenticeship guide along the way.

“Apprenticeship week for Coventry and Warwickshire was a great success," said Fay. "We are very proud of our local apprenticeship provision and the diverse opportunities available to our future workforce

"Starting with our own Warwickshire Skills conference we saw over 100 businesses, schools, education and training providers join us to discuss our skills challenges. They also received an interesting insight into our local economy, how this is changing, what our future jobs look like and how we can support those important transitions to maintain our fast-growing economy.

"We then saw the Coventry and Warwickshire Local Enterprise Partnership and the Career & Enterprise Company welcome over 40 exhibitors and 600 students to their 'Get on Board 2018' event. This gave a great opportunity for Year 10 students to engage with our education and training-providers and explore a variety of apprenticeships over a number of sectors with employer’s such as NHS, JLR, McDonalds and Hilton Hotels.

"To close Apprenticeship Week we exhibited at The Coventry & Warwickshire’s CW Rocks Expo. With over 500 visitors we had many really valuable conversations with businesses and celebrated the week’s success with many education and training providers who also attended."

Warwickshire County Council's new Apprenticeship Guide explains how apprenticeships work, outlines the benefits to employers and young people alike, and has all the contacts you will need if you would like to find out more.

The guide can be read HERE.

 

Increasing automation and the threat to jobs - a special report

Advances in production techniques historically benefit the economy but smart technology capable of deep learning and free movement also has an adverse side-effect - the potential to replace jobs.

With more than 40% of jobs in the county at high risk of automation, research by Warwickshire Economics, part of Warwickshire County Council, reveals which occupations are most affected. Sam Van de Schootbrugge reports.

 

Technology in business continues to gallop along withmore and more roles able be fulfilled by robots or computerisation each year. This posesemployers a big question: "To automate or not to automate?"

We estimate that in Warwickshire today approximately 116,000 jobs are at very high risk of automation. Each of these jobs contains daily tasks which have at least a 70% chance of being completed by robotics/computerisation by the early 2030s. The figure represents 41.3% of Warwickshire’s total workforce, higher than the West Midlands Combined Authority (WMCA) region (39.6%) and England (37.7%).

Most at risk are Level 1 occupations, typically requiring GCSE grades D-G, with almost three in four jobs in this area being impacted by technological advancements. Warwickshire employs a larger proportion of workers in these occupations (15.2%) relative to Coventry (14.5%), the WMCA (13.3%) and England (13.7%).

Conversely, jobs requiring a degree level qualification (level 4) are least likely to be automated.  Just 3% of professional occupations are very likely to be automated and three in five will certainly not be affected. However, the county employs relatively few in level 4 occupations. Also, those in Warwickshire who do have a degree are more likely to be in occupations that are expected to be significantly impacted by automation. For example, 1,400 of the 1,500 chartered and certified accountants in the county are expected to be replaced.

The majority of jobs in Warwickshire require level 2 and level 3 qualifications, and are categorised as middle-skilled in the report. Approximately one in two middle-skilled workers are at very high risk of automation, which amounts to 82,500 of the 116,000 jobs likely to be replaced. This reaffirms expectations that computers will be better positioned to take on the routine tasks of the middle-skilled workers. Automation of sales & retail assistants, large goods vehicle drivers and other administrative occupations will displace the highest number of workers, 23,500.

Across these three most-affected occupations, Warwickshire employs 6% more than the national average. This result extends across all the occupations the county specialises in; more than two in five jobs (42%) that are in occupations Warwickshire employs more than the national average in are at very high risk of automation - higher than Coventry (36.5%) and WMCA (36.5%).

Warwickshire also employs 24% more than the national average across all of the top five sectors most likely to be affected automation. An estimated 81,500 jobs may be lost in the wholesale & retail trade, manufacturing, transportation & logistics, tourism and construction industries. The abundance of process, plant and machine operatives in the county makes the transportation & logistics sector the biggest sectoral driver of Warwickshire’s high automation risk score.

Our research is among the first to examine the impact of automation on the types of jobs currently being advertised online in the county. These adverts help researchers build a picture of how the labour market is adjusting to current economic conditions and gives an insight into what the future job market might look like.

We find that a smaller proportion of job vacancies posted in 2017 are at very high risk of automation. Just 28.5% are expected to be replaced by computers, although again higher than Coventry (24.4%), the WMCA (27.3%) and England (23.8%).

And automation is not all bad news for the human workforce! Some  opportunitiesalso arise from it. In our report, using Nesta’s 2015 report on ‘Creativity vs Robots,’ we examine the occupations least likely to be replaced. We also look at how it may support immigration policy changes following the exit from the EU.

For all this information and more on the occupations we believe are most likely to be automated sooner rather than later in Warwickshire, please read the full report here

Visitors "buzzing" at Careers Fair

Hundreds of students attended Coventry and Warwickshire’s largest careers fair which coincided with National Apprenticeship Week.

Students from years 10-13 attended the event which was organised by the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) in conjunction with the CWLEP Growth Hub and The Careers & Enterprise Company at Stoneleigh Park.

Warwickshire County Council was among over 40 local and national employers, training providers and colleges who were there to discuss training courses, apprenticeships and job opportunities.

The county council's apprenticeship hub manager Dan Nash said: “Warwickshire County Council has an established apprenticeship scheme that has been running for six years now.

"We always seek to promote the scheme and its vacancies at schools careers events while also offering work experience opportunities with the council.

"We attend the CWLEP careers event every year as it coincides with National Apprenticeships Week and it is a fantastic opportunity to speak to hundreds of young people and promote the huge number of apprenticeship opportunities the council can offer.”

Also in attendance at the fair were Hilton Hotels& Resorts, Jaguar Land Rover, McDonald’s, High Speed 2, the Warwickshire College Group, Coventry & Warwickshire Chamber of Commerce Training, CU Coventry, Coventry University, Stratford-upon-Avon College and North Warwickshire and South Leicestershire Colleg.

Dave Lennox, Enterprise Co-ordinator at the CWLEP Growth Hub, said the event had once again attracted students from throughout Coventry and Warwickshire.

“It is very important for students to gain as much information as possible about their future options whether that it is further education, training or an apprenticeship,” he said.

“We had the whole spectrum covered thanks to the exhibitors who voluntarily gave their time to come along to talk to young people and give them as much information as possible to be able to assess their options.

“There are great opportunities available for young people in Coventry and Warwickshire whatever their chosen path after post-16 education and the number of students who came along underlined the value of holding the event.”

Angela Tellyn, Regional Lead West Midlands at The Careers & Enterprise Company, said: “The Careers Event is an ideal way to connect with young people in Coventry and Warwickshire and for them to be inspired by the range of options and opportunities available. The fact it was held during National Apprenticeship Week was timely since this annual campaign encourages young people to choose apprenticeships as the first steps in their career in a wide variety of sectors.

“There were some great ambassadors among the exhibitors who were advocates for the career paths and job opportunities available to young people and it was great to hear the hall buzzing with so much conversation about the future options available.”

Jobs and growth created as small capital grants scheme helps Terzetto to county

A vibrant small business has expanded into Warwickshire and is creating jobs in the county after receiving vital impetus from a small capital grant from Warwickshire County Council.

Terzetto Stone, which has well-established branches in Yorkshire and Cheshire, recently opened a showroom in Leamington Spa to help build on its customer-base in the Midlands and south.

Business owners Tim and Suzie Wilson set up Terzetto Stone, specialists in stone and porcelain tiles, in 2004 since when it has gone from strength to strength. Now it is poised to keep growing from its new shop in the heart of Leamington.

The arrival of this expanding business in a Warwickshire high street is another great example of the county attracting inward investment. And the county council's grant enabled it to happen far sooner than would otherwise have been possible.

"I can't stress how important the small capital grant has been to us," said Tim. "Expanding into the Midlands was a big investment of our own and the grant means we have not had to go into debt, so we don't have that hanging over us. It enabled us to open in Warwickshire probably two years before we would have been able to.

"We spoke to the bank to no avail, so Suzie googled for potential other sources of support and came across the council’s grant scheme. We were put in touch with Jagdish Soor and he has been brilliant. He helped us put the application together and told us what we needed to do. His input was really important because it was quite a tight deadline.

"We're very excited about the move to Leamington because it is our first store in a town centre and it will be our flagship.

"We wanted to move to the region because an increasing number of our customers are here. We looked along the M40 corridor and really liked the look of Leamington. It's great to be in the heart of town and we soon found the perfect premises. We love the layout of the shop - we wanted a showroom which has the wow factor and we've got that.

"The business community around us has been really supportive. We're proud to be part of it and the council grant enabled us to become part of it much more quickly than we could otherwise have done."

Jagdish Soor, who leads on the council’s access to finance and business support programme. commented: “We are delighted to welcome Terzetto Stone to Warwickshire. They are now on the path to future success and I am pleased that the intervention from Warwickshire County Council and its small capital grant initiative has had a major impact which will lead to jobs and growth in the county.”

* The Access to Finance advice for the company was delivered as part of the Coventry and Warwickshire Business Support Programme, which is part-funded by the European Regional Development Fund and Warwickshire County Council. 

  • To find out more about the range of support available to grow your business, please contact the Growth Hub on 0300 060 3747.

Start-up programme "invaluable" to Helen as her business hits the ground running

A Warwickshire market research consultant has secured a major contract just months after launching her own business - with the "invaluable" support of the Warwickshire County Council-backed Start-Up Programme. 

Leamington-based Helen Roberts launched XV Insight last year after working for 25 years in the market research industry, mainly for major agencies in senior roles.

And her decision is already looking like the right one after the company won several new contracts including a major piece of work with Visit England and the Discover England Fund, which is aimed at growing in-bound tourism to the UK.

To get the business off the ground, Helen has been tapping into free support and advice available through the Start-Up Programme which is delivered by Coventry and Warwickshire Chamber of Commerce and funded by Warwickshire County Council, the European Regional Development Fund (ERDF) and the District and Borough Councils.

She has attended masterclasses on a range of subjects aimed at offering practical advice to business owners, attending networking events, and accessing support from a business coach, Tanya King.

Helen said: “It was great to win the contract with Visit England and the Discover England Fund so soon after establishing XV Insight. It’s a great testament to the new business that such a major organisation has come to us for such a significant piece of market research work.

“I felt the time was right to take the plunge because of the experience and expertise I had acquired over the years and I am really enjoying it.

“The support from the Start-Up programme has been invaluable. The masterclasses were in a relaxed, informal setting and it meant I could take away exactly what I wanted from them.

“Having my own business coach was fantastic too. Sometimes it’s just great to be able to talk through an idea and get some genuine feedback in return – it helps you to question yourself and where you want to go with the business too.

“I’d researched – as you’d expect – quite a few networking organisations in the area and the Chamber stood out for me because of the additional help that comes with it.

“I feel like I’m getting long-term help and support, not just something that will be dropped after just a few weeks and that’s great to know as a new business.”

Tanya King, a business coach at the Chamber, said: “It has been fantastic working with Helen as she’s established XV Insight and it’s been a wonderful start for the business.

“Businesses required different levels of support when they start-up and we can tailor our coaching to the needs of the company, rather than the other way round.”

For more information on business support from the Chamber, call 024 7665 4321.

Information on the project led by XV Insight for Visit England and the Discover England Fund can be found here https://www.visitbritain.org/research-summary-reports

Guest column

"More women in decision-making roles equals higher profit"

"There is a direct correlation, for example, between the number women on boards and in senior positions and company performance. Simply put, more women in decision-making roles equals higher profit."

 

Closing the Gender Pay Gap is not just the right thing to do - it is just plain good business sense, says Sally Arkley, director of Women's Economy

There is a culture-quake going on. It will eventually revolutionise the world of work and therefore how we live our everyday lives.

You can be forgiven for not noticing or, if you have noticed, for thinking it doesn’t overly concern you. I’m talking about the issue of the gender pay gap - and it concerns every single one of us.

First, let’s understand what the Gender Pay Gap (GPG) is and what it is not. It is not the same as the equal pay issue; that is, equal pay for work categorised as equal, first legislated for in 1970 (and too often ignored) and reinforced by the Equality Act, 2010.

The GPG is the measurement of the difference between men’s and women’s earnings across the economy. As the BBC knows to its cost, it is increasingly used as a measure of gender pay

disparity in individual organisations. It records the average earnings of women as a percentage of average male earnings. Currently the overall GPG in the UK is 18.1%.

GPG shines a light on an abiding socio-economic issue that is fundamental to the structure of the world of work across the globe and always has been. It will take nothing less than

that culture-quake I mentioned to change – but change it should and change it will. That the journey must begin is recognised in the UK by legislation (effective from April 2018) which will compel all companies with more than 250 employees to publish their gender pa gap stats.

What the GPG highlights is that work everywhere is built to accommodate the needs of a male workforce and that trying to ‘fit’ women into the prevailing structure only results in

institutional discrimination. The only way to deal with this is to change the structure.

There is a GPG because women:

*  do not reach senior positions in sufficient numbers

*  are disproportionately represented in low-paid work

*  lose out on promotion by taking breaks for child-rearing

*  consistently receive smaller bonuses and, yes, still receive lower pay for work of equal status

* suffer as a result of unconscious bias and stereotypical attitudes * and are often held back by their own, sometimes crippling, lack of confidence in their abilities.

Alarmingly, in an increasingly science-and-technology-based economy, the lack of girls studying these subjects, if not addressed, will make the GPG of today look like nothing to

worry about. For years the accepted wisdom has been: “Well, that’s how it is. Women have babies”(followed by the unspoken “Get over it”). Well, hey, that’s not how it is any longer. Slowly,

but inevitably, we are seeing the rise of agile (flexible) working for men and women, improved paternity leave, the reorganisation of home life with more stay-at- home male partners, initiatives to encourage girls into science and technology-based careers, the

proliferation of women’s corporate leadership programmes and an increasing body of research by large private organisations (for example McKinsey and Goldman Sachs) on the benefits of encouraging women into senior positions.

Don’t imagine that this is an outbreak of universal feminism or a burning quest for social justice. No, this is because it is becoming increasingly obvious that maximising the exploitation of female talent is an economic imperative.

Women matter to the bottom line. There is a direct correlation, for example, between the number women on boards and in senior positions and company performance. Simply put, more women in decision making roles = higher profit. In a world where women actually make the majority of purchasing decisions, it make sense to involve women at every level in the production of goods to sell.

The pressing skills shortage in science and technology is increasingly forcing government and private industry to do the obvious; make these subjects more girl-friendly to study and spend serious money to encourage girls and young women into the industry.

Women’s increasing awareness of their own power, and the global economy’s hunger for talent wherever it can find it, are both driving unprecedented change. The way forward, of course, won’t be easy, but you can be sure that there is no way back.

Events

Upcoming events

MARCH

Chamber Networking with Pet-Xi: Thu 22nd March, 08:30 - 10:30, Pet-Xi office, West Oak House, Westwood Way, Westwood Business Park, CV4 8LB. (Free)

https://www.cw-chamber.co.uk/events/chamber-networking-with-pet-xi/

Put your Social Media House in order: Thu 22nd March, 09:30 - 16:00, Althorpe Enterprise Hub, Althorpe Street, Leamington Spa, CV31 2GB. (Free)

https://www.cw-chamber.co.uk/events/put-your-social-media-house-in-order/

Q1 North Warwickshire Branch 2018: Thu 22nd March, 08:30 - 10:00, SFB Group Manor Court Chambers, Townsend Drive, Nuneaton, CV11 6RU (Free)

https://www.cw-chamber.co.uk/events/q1-north-warwickshire-branch-2018/

Leamington Business Show: Fri 23rd March, Leamington Town Hall,  Parade, Leamington Spa, CV32 4AT (Free)

(Including the new Digital Zone in association with Tech Central)

http://www.leamington-business-forum.co.uk/news_item.php?wnID=3757

In search of a second act? Find your superpower! Fri 23rd March, 09:30 - 12:30, Episode Hotel, 64 Upper Holly Walk, Leamington Spa, CV32 4JL (Free)

https://www.cw-chamber.co.uk/events/in-search-of-a-second-act-find-your-superpower/

Q1 Mid Branch - Meet your MP Matt Western: Fri 23rd March, 09:00 - 09:30, Warwickshire College Trident Centre, Poseidon Way, CV34 6SW. (Free)

https://www.cw-chamber.co.uk/events/q1-mid-warwickshire-branch-2018/

Business Breakfast with West Midlands Conservative MEP’s: Fri 23rd March, 07:30 - 09:30, Coombe Abbey Hotel, Brinklow Road, Binley, CV3 2AB (Chamber member event)

https://www.cw-chamber.co.uk/events/business-breakfast-with-west-midlands-conservative-meps/

FSBConnect Rugby Networking Breakfast 4th Friday: Fri 23rd March, 7:00am, The Arnold House, Elsee Road, Rugby, CV21 3BA (£5-10)

https://www.eventbrite.co.uk/e/fsbconnect-rugby-networking-breakfast-4th-friday-tickets-36480744890?aff=Bytesize

Coventry UK City of Culture 2021: Mon 26th March, 17:30-19:00, Canley Community Centre, Prior Deram Walk, Coventry, CV4 8FT (Free)

http://www.cwgrowthhub.co.uk/event/coventry-uk-city-culture-2021-public-event

CW Champions: Wed 28th Mar, 07:30 - 09:30, Old Shire Hall, 5-9 Northgate Street, Warwick, CV34 4SP (Free)

https://www.eventbrite.co.uk/e/coventry-and-warwickshire-champions-march-tickets-43307929182

IP and your business: Funding and Support: Wednesday 28th March, 8:30-13:00, Simulation Centre, Coventry University Technology Park, Puma way, Coventry, CV1 2TT (Free)

https://www.eventbrite.co.uk/e/ip-and-your-business-funding-and-support-tickets-42558208748

Business Essentials for Start-Ups, Finance and Cash Flow: Weds 28th March, 10:00-13:00, Unit 6, Serious games Institute, Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL (Free)

https://www.eventbrite.co.uk/e/business-essentials-for-start-ups-finance-cash-flow-tickets-42151416020

Warwickshire Start-Up: Business: Weds 28th March, 09:30-13:30, Centenary Business Centre, Hammond Close, Attleborough Fields Industrial Estate, Nuneaton, CV11 6RY (Free)

http://www.cwgrowthhub.co.uk/event/warwickshire-start-business-planning-7

APRIL

FSBConnect Stratford ‘First Wednesday’: Weds 4th April, 18:00, El Greco (Upstairs bar area), 27 Rother Street, Stratford-upon-Avon, CV37 6NE (Free)

https://www.eventbrite.co.uk/e/fsbconnect-stratford-first-wednesday-tickets-15647628478?aff=Bytesize


FSBConnect Coventry First Wednesday Networking Breakfast: Weds 4th April, 7:00am, Ramada Hotel & Suites, Coventry, Butts, Earlsdon, Coventry, CV1 3GG (£10)

https://www.eventbrite.co.uk/e/fsbconnect-coventry-first-wednesday-networking-breakfast-tickets-15827733176?aff=Bytesize

Revit for Beginners: Wednesday 4th April/Thursday 5th April, 9:00-16:00, Coventry University Engineering and Computing Building, Gulson Road,Coventry, CV1 2JH (Free)

https://www.eventbrite.co.uk/e/autodesk-revit-for-beginners-tickets-42117772391

Business Planning Workshop: Tues 10th April, 10:00-16:00, Eliot Park Innovation Centre, 4 Barling Way, Nuneaton, CV10 7RH (Free)

https://www.eventbrite.co.uk/e/business-planning-workshop-tickets-43968738681

Business Support Evening: Weds 11th April, 17:30-20:30, Coventry University Technology Centre, Puma Way, Coventry, CV1 2TT (Free)

http://www.cwgrowthhub.co.uk/event/business-support-evening

Cyber Security:Tues 17th April, 09:00-16:30, Coventry & Warwickshire Location tbc (Free) https://www.eventbrite.co.uk/e/cyber-security-tickets-42496381822

Coventry Start-Up: Thinking of Starting a Business and Marketing: Weds 18th April, 09:30-16:00, St Peters Centre, Charles Street, Coventry, CV1 5NP (Free)

http://www.cwgrowthhub.co.uk/event/coventry-start-thinking-starting-business-marketing-7

Warwickshire Start-Up: Thinking of Starting a Business and Marketing: Thurs 19th April, 09:30-13:30, Rugby Borough Council, Town Hall, Evreux Way, Rubgy, CV21 2RR (Free)

http://www.cwgrowthhub.co.uk/event/warwickshire-start-thinking-starting-business

Raising Finance for Business: Thurs 19th April, 13:15-16:30, Business Innovation Centre, Binley Business Park, Harry Weston Road, Coventry, CV3 2TX (Free)

https://www.eventbrite.co.uk/e/raising-finance-for-business-registration-41491432993

Introduction to Energy Management Systems: ISO14001, ISO50001 and High Level Structure: Thursday 19th April/Friday 20th April, 13:00-16:00, Coventry University, Coventry, CV1 5PJ (Free)

https://www.eventbrite.co.uk/e/introduction-to-energy-management-systems-iso14001-iso50001-and-high-level-structure-tickets-42119497551

Coventry Start-Up Business Planning & Finance: Weds 25th April, 09:30-16:00, St Peters Centre, Charles Street, Coventry, CV1 5NP (Free)

http://www.cwgrowthhub.co.uk/event/coventry-start-business-planning-finance-9

Warwickshire Start-Up Winning and Keeping Customers: Thurs 26 April, 09:30-13:30, Althorpe Enterprise Hub, Althorpe Street, Leamington Spa, CV31 2GB (Free)

User Testing Workshop: Thu 26th April, 09:00 - 16:00, Ramada Hotel Coventry, CV1 3GG. (Free)

https://www.eventbrite.co.uk/e/user-testing-workshop-tickets-42668884783

The Woman Who-Awards Lunch: Fri 27th April, 11:30am-16:30pm, Coombe Abbey (Free)

https://womanwho.co.uk/woman-who-awards/awardslunch/

MAY

Business Planning Workshop: Thu 24th May, Ramada Hotel Coventry, CV1 3GG

https://www.eventbrite.co.uk/e/business-planning-workshop-tickets-42669192704

Other useful event pages to follow

Tech Central http://techcentraluk.com/events.html

Business Ready https://www.eventbrite.co.uk/o/business-ready-12629314668

Coventry University Enterprises https://www.eventbrite.co.uk/o/cue-business-solutions-13651209205

Coventry & Warwickshire Chamber of Commerce https://www.cw-chamber.co.uk/events/

Coventry & Warwickshire Growth Hub http://www.cwgrowthhub.co.uk/events

CW Champions https://www.coventry-warwickshire.co.uk/events

Midlands Business Network http://themidlandsbusinessnetwork.co.uk/events/

Leamington Hour https://www.eventbrite.co.uk/o/leamington-hour-7578817945

News in Brief

All the latest News-in-Brief from around the county

 

World's best female cyclists wheeling into Warwickshire

The county will host the longest leg of the OVO Energy Women’s Tour for a third year running as riders from 17 international teams do battle during the five day race won last year by Poland’s Kasia Niewiadoma.

https://leamingtonobserver.co.uk/news/worlds-best-female-cyclists-wheeling-into-warwickshire-5361/

Aston Martin welcomes upgrade after record year

Warwickshire-headquartered luxury car maker Aston Martin has welcomed the decision by S&P Global Ratings to upgrade its credit rating for the company.

S&P has upgraded the business and its senior secured notes to ‘B’ from ‘B-‘, on the back of a consistent improvement in its operating and financial performance.

https://www.insidermedia.com/insider/midlands/aston-martin-welcomes-upgrade-after-record-year

Tech Firm creating 100 jobs in Warwick

Around 100 new jobs are being created at a Warwickshire technology company after it landed a major contract with Highways England to manage the ‘smart’ motorways of the future.

The new roles will be at telent Technology Services’ head office in Warwick.

https://www.coventrytelegraph.net/news/local-news/tech-firm-creating-100-jobs-14432896#ICID=sharebar_twitter

LEP chief hails ‘Very powerful and positive week’

The chief executive of the Coventry and Warwickshire Local Enterprise Partnership (LEP) has hailed a "very powerful and positive week" at MIPIM where the region unveiled eye-catching schemes alongside updates about initiatives including UK City of Culture 2021.

https://www.insidermedia.com/insider/midlands/lep-chief-hails-very-powerful-and-positive-week

JLR’s luxury Range Rover revealed

The new Range Rover SV Coupé was unveiled at the Geneva Motor Show and will be constructed at the company's SVO Technical Centre in Warwickshire.

No more than 999 vehicles will be made, with prices starting at £240,000.

https://www.insidermedia.com/insider/midlands/jlrs-luxury-range-rover-revealed

Mercia wins £23 million in funding

Warwickshire-based Mercia Fund Managers has been handed £23 million by a scheme which forms part of the Midlands Engine Investment Fund to be distributed across the region.

https://www.insidermedia.com/insider/midlands/mercia-wins-23m-funding

Aston Martin unveils plans for new electric car

Luxury car maker Aston Martin has revived its Lagonda brand as it unveiled a new all-electrical at the Geneva Motor Show in Switzerland.

The Warwickshire-based manufacturer has said production on the new range will start in 2021.

https://www.insidermedia.com/insider/midlands/aston-martin-unveils-plans-for-new-electric-car

Warwickshire business group launched to tackle skills issue

The Employability Group has been established by the Coventry and Warwickshire Chamber of Commerce and was borne out of discussions around a shortage of staff and skills at its Mid-Warwickshire branch meetings.

The group includes representatives from business, education and local authorities.

http://www.bqlive.co.uk/skills/2018/03/20/news/warwickshire-business-group-launched-to-tackle-skills-issue-31275/?refresh_ce

Plan to redevelop former Co-OP site to move forward

A plan to develop the site of a former supermarket in Warwickshire is set to be submitted later this year.

The site of the old Co-op in Priory Square, Studley, has been empty for more than a decade but now plans are set to move forward to redevelop the area.

https://www.insidermedia.com/insider/midlands/plan-to-redevelop-former-co-op-site-to-move-forward

 Letter sets out West Mids case for Channel 4

Business leaders, regional politicians and MPs from across the West Midlands have signed an open letter calling on Channel 4 to relocate to the region.

Sent to The Times, the letter has been signed by 82 people including West Midlands mayor Andy Street, Birmingham City Council leader Cllr Ian Ward, Jonathan Browning, chairman of Coventry and Warwickshire Local Enterprise Partnership and Dudley North MP Ian Austin.

https://www.insidermedia.com/insider/midlands/letter-sets-out-west-mids-case-for-channel-4

Award winning Warwickshire brewery raises glass to turnover success

Turnover at an award-winning Warwickshire brewery has jumped towards the £10m mark, according to newly filed accounts.

Purity Brewing Company, whose beers include Pure Gold, Mad Goose, Pure UBU, Longhorn IPA, Lawless Lager and Saddle Black, was founded at Upper Spernal Farm in 2005 by owners Paul Halsey and James Minkin.

https://www.insidermedia.com/insider/midlands/award-winning-brewery-raises-glass-to-turnover-success

Stoneleigh Park transformation work continues

Work is being carried out on an extensive demolition project at Stoneleigh Park in Warwickshire, marking the next stage in the transformation of the estate.

Around 100,000 sq ft of redundant buildings are in the process of being knocked down to make way for future development.

https://www.insidermedia.com/insider/midlands/stoneleigh-park-transformation-work-continues

Warwickshire Outlook

Tight labour market could impact on wages

The latest inflation figures have just been released by the Office for Nation Statistics (ONS) and the rate of inflation has fallen by more than many forecasters anticipated.

The Consumer Price Index has fallen to 2.7% in February, down from 3% in January. This is largely due to the impact of the devaluation of sterling, following the Brexit referendum result, starting to work through the system (inflation looks at the change in prices compared to the same time 12 months earlier; and it is now 14 months  since sterling reached its lowest point against the dollar). The largest downward contributions to the change in inflation rate came from transport and food prices which rose by less than a year ago.

These latest inflation figures are now below the Bank of England’s forecasts, which could potentially undermine the case for a rise in interest rates that has been quite heavily hinted by various members of the Monetary Policy Committee (an interest rate increase is a common monetary policy tool to reduce inflation as, all other things being equal, it encourages people to spend less and save more, thus reducing pressure on prices).

However, the Bank of England has always maintained that the Brexit referendum inflation impact was only temporary - and they have been “looking through” this data to focus on wider underlying trends.

The real concern has been around the increasingly tight labour market (high levels of employment, historically low unemployment rates), and the impact this might have on wages.

The Bank’s concern is that a shortage of labour will force businesses to increase wages which will then push up inflation both by increasing the input costs for businesses, that will necessitate higher prices, and increasing spending power of consumers chasing goods and services which could drive up prices.

ONS have also just released their latest data on wages and it shows average basic pay across Britain has increased by 2.6% on the year before, for the three months to January (up from the previous +2.5% in the three months to December 2017).

Including bonuses, earnings are estimated to have risen by 2.8% (up from 2.5% last month) - the biggest increase since September 2015. For those lucky enough to receive a bonus, wage growth is now very slightly above inflation and therefore “real wages” (wages adjusted for inflation) have started to climb again.

Is this enough to convince the Bank of England that their fears may be being realised and therefore a small interest-rate rise will help keep inflationary pressures in check? Personally, I think it is unlikely at the moment. Real wages are actually still below what they were before economic crash, which is now ten years ago (see the chart below).

Given the pressures on household spending currently, it is likely that there is sufficient capacity within the economic system to absorb relatively small real-wage increases without pushing inflation up. Moreover, there are no real signs that wages are starting to accelerate – analysis of advertised average wages does not see any increases coming through at the moment. Indeed, compared to a year ago, average advertised wages in England have barely changed, and in Warwickshire there has been a reduction (down from £34,300 in February 2017 to £32,700 in February 2018).

 

Source: Monthly Wages & Salaries Survey (ONS)

Despite all this, the probability of an interest rate rise is still relatively high as the Bank of England have been persistently preparing the ground for a number of small interest-rate rises. The financial markets have been pricing in these future changes,  so to now not raise interest rates could potentially have more of negative impact that doing so despite a fragile economic backdrop.

Ultimately, the Bank of England needs some ammunition against an economic shock or risk of recession and cutting interest rates is one of the few weapons they possess. Interest rates will need to rise soon, if only to enable them to be cut again if the economic picture starts deteriorating.

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