January 2009, Fleet Financials - Cover Story

Parsons Restructures with Economic-Focused 'Smart' Decision Approach

Implementing tighter centralized procurement controls, buyer accountability, and cradle-to-grave management of the procurement function has yielded significant savings in a short period of time at Parsons.

By Cheryl Knight

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Since its founding in 1944, Parsons Corp. has established a strong presence in the global construction industry. The engineering and construction firm generated revenues exceeding $3.6 billion in 2007 and is 100-percent owned by the Employee Stock Ownership Trust.

Parsons business units include Commercial Technology, Construction, Infrastructure & Technology, Transportation, and Water & Infrastructure. The company seeks to conquer the toughest logistical challenges and deliver landmark design-build projects across the globe. Its mission to "deliver innovative solutions" strongly relies on the ability to plan, design, construct, and operate diverse facilities and infrastructure systems.

With more than 11,500 employees located worldwide, Parsons teams with an increasingly diverse group of global customers and stakeholders to provide dependable services. The company's core values include "safety, quality, integrity, diversity, innovation, and sustainability." Success is measured one project at a time by exceeding expectations and satisfying customers.

Parsons business goals encompass leading its industry in safety, continuously enhancing the company's value, maintaining sustainable growth, growing consolidated net operating income and sales at least 10 percent annually, and maintaining a strong balance sheet. The company assesses its success through nine performance measures, including:

•  Safety record.
•  Quality audit results.
•  Customer satisfaction.
•  Annual sales, backlog, and earnings growth.
•  Net profit and new profit margin.
•  Cash flow and working capital.
•  Backlog conversion.
•  Share price.
•  Employee engagement.

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