Paychex Inc Stock Price, News & Analysis

Paychex, Inc. announced three new solutions aimed at assisting businesses with employee health and safety as they adapt to COVID-19 challenges. The offerings include COVID-19 Leave Tracking, which helps identify and manage employee issues related to the virus; COVID-19 Screening, allowing employers to track test results; and Health Attestation Support, which simplifies the collection of health information. These enhancements are part of the Paychex Flex platform, designed to support businesses in maintaining operations during the ongoing pandemic.

The Paychex | IHS Markit Small Business Employment Watch report for August reveals that small business hiring remains flat since April, despite notable wage growth. Hourly earnings growth maintained at 3.28%, with weekly earnings also improving due to increased hours worked. The national jobs index is at 94.39, reflecting a 0.21% decrease from the previous month. The West and South regions reported declines in employment growth, with Florida leading states in employment despite a significant downturn. For detailed insights, visit Paychex.com.

The Paychex | IHS Markit Small Business Employment Watch report for July indicates a moderation in employment growth due to rising COVID-19 cases in the South and West. The national jobs index decreased by 0.24% to 94.59. Hourly earnings growth slowed to 3.29%, while weekly earnings grew by 4.14%, driven by increased hours worked. Florida remains the top state for employment growth, despite a 0.44% decline. The Financial Activities sector showed improvement, contrasting with declines in other sectors and regions like Seattle, which saw a 1.89% decrease.

The 2020 Paychex Pulse of HR Survey reveals that 88% of HR leaders view themselves as strategic partners, a shift spurred by COVID-19 and regulatory challenges. Technology adoption is emphasized, with 50% of HR budgets dedicated to tech improvements; 79% believe that self-service HR applications enhance workforce efficiency. However, HR professionals still spend four weeks yearly on manual tasks, with regulatory tracking being the top challenge at 36%. The survey, conducted from April 22 to June 10, 2020, involved 575 HR decision-makers from U.S. companies.

On July 23, 2020, Paychex announced the enhancement of its Paycheck Protection Program (PPP) solution, enabling users to generate signature-ready applications for loan forgiveness. This advancement simplifies the process for customers seeking financial relief amid the COVID-19 pandemic. The upgraded tool integrates with Paychex Flex, auto-populating payroll data, and allows for easy adjustments. Paychex has already facilitated $28 billion in PPP loans for clients, demonstrating its commitment to supporting businesses during these challenging times. The new feature is available at no extra charge to all Paychex Flex customers.