Paychex, Inc. reports developments tied to its human capital management business, including cloud-based payroll and HCM software, HR advisory services, benefits administration, retirement services, insurance solutions, and outsourcing through administrative service organization and professional employer organization offerings.
Recurring updates cover quarterly results, dividend actions, product integrations such as embedded on-demand pay for PEO worksite employees, governance recognition, and the Paychex Small Business Employment Watch, which uses payroll data from U.S. small business clients to report employment, wage, and hours-worked trends.
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According to the Paychex | IHS Markit Small Business Employment Watch report, small business employment growth showed a modest increase of 0.06% in March 2023, raising the Small Business Jobs Index to 99.73. Average hourly earnings also rose slightly to 4.64%. The South remains the strongest region with an index of 100.68, despite a recent decline of -0.14%. While small business growth is resilient, potential risks persist due to recent banking disruptions affecting capital access. The report draws from payroll data of approximately 350,000 small business clients across the U.S.