Russell Finex has been selected to represent the manufacturing industry in this year’s Parliamentary Review.
The publication, seen as a template of best practice across twelve key sectors, reaches more than 60,000 of the UK’s leading chief executives, ministers and journalists.
Contributions are from some of the most high profile names in politics. Minister for Small Business, Industry and Enterprise Anna Soubry introduces the manufacturing edition, while George Osborne provides an overview of the country’s financial state.
As part of her foreword, Soubry is keen to highlight the importance of the manufacturing industry.
Soubry said: "Outperforming much of the rest of the economy, manufacturing productivity has increased by 3.8% since the first quarter of 2008."
Osborne pointed out that ‘improving productivity is the key route to making the UK stronger.’
Historically, the manufacturing sector has been an anchor for UK growth, and looks set to continue.
Soubry said: "We will continue to speak to and work closely with industry.
"The best way that the government can support advanced manufacturing is by creating the right business environment for free enterprise."
Russell Finex has led the way with ‘free enterprise’ by introducing inventions and filing patents, and is often consulted when new industry standards are introduced to assist with best practices.
Russell Finex has enjoyed 80 years of steady growth, to become an international leader in the market. The Parliamentary Review highlights key factors in the success of Russell Finex, an example of how manufacturers and businesses in other sectors, can structure sustainable growth.
Its unique ownership structure and the employee benefit trust, is seen as playing a significant role in allowing a stable working environment, and longer-term business decisions rather than short-term gains. A non-contributory final salary pension scheme is also seen as evidence of stability.
This secure platform has allowed the company to grow, even during hard times. Since the recession in 2008, Russell’s business levels have been relatively unaffected.
One of the biggest challenges faced has been success itself with production demands increasing more than predicted. This has led to the implementation of methods such as lean manufacturing, allowing the business to manage growth spurts with minimal impact.
Advancements such as this illustrate why Russell Finex are seen as implementers of best practice. Business values of organic growth and premium products are embedded throughout Russell Finex, meaning a strong global customer base has been maintained as the business has expanded.
Customers are involved in new product development, and significant investment is made in R&D programmes.
To find out more about why Russell Finex was selected as an example of best practice for the manufacturing industry, information can be found on page 29 on the Parliamentary Review Manufacturing Edition.