L.B. FOSTER
People Category
L.B. Foster Company is a leading manufacturer, fabricator and distributor of products for rail, construction, utility and energy industries While the business tends to be cyclical, the last several years have been very positive for the company. In response to market opportunities presented, in 2006 the executive team created a long-term strategy that included aggressive growth both organically and through acquisitions. The strategy included a focus on attracting, retaining and developing the best possible talent to ensure success. Issues faced were a complex challenge of those created by the growth of the business, by the increased HR focus in the corporate strategy, by a lack of processes in place, and by the fact that the HR team had to be completely re-built.
To achieve these objectives, the three corporate initiatives HR was charged with leading were:
1. Design and implement reward and recognition programs to make LB Foster an “Employer of Choice.” Initiatives included re-design of the performance management process, creation of long-term benefit strategy to control costs while providing above-market benefits, implementation of the annual Employee Opinion Survey Process, significantly enhancing the Service Award Program offering, and implementing a Corporate Social Responsibility Program.
2. Define our Employment Value Proposition and create an overall approach to recruit and retain (including current employees) superior talent. Initiatives included documenting the Employment Value Proposition (EVP), implementing an employee referral program, implementing an employee exit and stay interview, allowing alternative work schedules, and instating phased retirement.
3. Promote financial growth by providing developmental opportunities to drive and enable improvement in operational efficiency and increase sales. Initiatives included developing and implementing an Organizational Development strategy including e-LB Foster University and cross training initiatives, and developing and implementing a succession planning program.
While this remains a work in process, with some initiatives well-established and others in the early stages, preliminary feedback has been overwhelmingly positive. Results include: Named by Forbes magazine as a 2007 Top 200 Company to work for; Named a finalist for 2007 Manufacturer of the Year by the Pittsburgh Business Times; Have seen a reduction in turnover of 60%; Achieved revenue of greater than $500,000,000 for the first time ever in 2007; and Stock price doubled in 2007 ($25.82 to $51.73). In the end, the HR Department at LB Foster has led a transformation of the culture, and the results have been overwhelming!
Company Bio:
Since 1902, L.B. Foster Company has delivered the products necessary to build and maintain our nation’s infrastructure. We are a high-quality manufacturer, fabricator and distributor of products for the rail, construction, utility and energy industries.
L.B. Foster is committed to providing superior products and services to our customers. This commitment is built on the quality of our work force and their dedication to continuous improvement and customer service.
That same level of commitment extends to our employees, who experience first hand a culture of respect, value and pridein the accomplishments we achieve together as an organization. Valuing the employeeis what drives our success and our employees are recognized for their contributions. Each person in every position is given the opportunity to broaden their skillswith career development training and provided flexibility to offer an appropriate work/life balance. Our commitment to our employee team extends beyond traditional benefits and focuses on creating an environment that reinforces the dedication we have for our customers and our employees.
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