Business View Magazine June 2023

191 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 6 ASSAY TECHNOLOGY It was hard for many potential customers in the market to understand that despite its small size, the Assay badges were even more reliable than other devices. Says Manning, “It took us about 20 years to convince the market that we offered the same level of quality and durability as other products. In fact, with our badge worker behavior is not changed. They work in a normal fashion forgetting they are even wearing the badge.” This is an important point because it is harder for the employee to artificially adjust the environment around them in a way that results in unnatural readings. Ongoing investments into the business Assay believes in upgrading its infrastructure with new investments to address client needs. One of its fastest growing areas is the built environment because the opportunities for work are endless, Manning says. Companies that concentrate on products and services to support indoor air quality are a particular target because Assay’s product line meets many of their needs. That includes air samplers, lab services, and respirator testing. As demand grows, Assay is addressing needs by expanding its workforce and footprint. The company will be expanding its footprint in the city of Boardman in the next two years, and Manning says it has acquired a new facility in Raleigh in 2022 as well. Hiring for those locations could be a challenge if recent history is a guide. The national labor shortage has made it difficult for Assay to find qualified candidates for many of its open positions. The good news is that because of how it treats employees and its status as an employee-owned company or ESOP, Assay has benefited from the retention of high-performing employees. “Recruiting has been harder than you would think,” Manning says. “Luckily we have mostly had to fill new positions rather than existing positions but finding the right new candidates has been tough (since the pandemic).” Growth supported by the ESOP model Manning became interested in the ESOP model in the late 1990s when he began to look at a succession plan for the company. He had partnered with about 30 outside investors in the early 1980s to get the funding needed to build and maintain Assay during its early years of research and development. The decision was made for Manning and his investors to begin awarding company stock to employees in 1997. That continued until 2010 when Assay became a 100 percent employee-owned company. It was a great financial decision for all parties because Manning and the investors received a high return on investment, while the model allowed employees to gain a financial and management stake in the firm as well. Manning continues to serve as Assay’s chief executive “at the pleasure of the employees” and is amazed at how well the ESOP relationship has worked. Team members see their ownership accounts grow every year, allowing many to consider an earlier retirement. The average employee will earn profit-sharing dollars in their ESOP plan which equates to around 25 percent of their salary each year. That