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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The Board of Directors of Paychex has declared a quarterly dividend of $0.62 per share, payable on November 24, 2020, for shareholders of record as of November 2, 2020. This dividend indicates the company’s ongoing commitment to return value to its shareholders. Paychex, a leader in integrated human capital management solutions, serves over 680,000 payroll clients and plays a critical role in the U.S. economy by paying one out of every 12 American private sector employees.
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Paychex reported total revenue of $932.2 million for the first quarter of fiscal 2021, down 6% year-over-year. Net income fell 20% to $211.6 million, while diluted earnings per share dropped 19% to $0.59. Adjusted metrics also showed declines, with adjusted net income down 11% to $228 million. The company noted strong client retention despite challenges from COVID-19, with Management Solutions revenue of $687.4 million and PEO revenue of $229.9 million, both experiencing year-over-year decreases. Cost-saving initiatives led to one-time costs of $31.2 million.
ROCHESTER, N.Y., Sept. 29, 2020 /PRNewswire/ -- The latest Paychex | IHS Markit Small Business Employment Watch indicates a 0.06% increase in national hiring and 0.36% in the Northeast, with the national jobs index at 94.44. Small business wage growth slowed to 3.14%, while weekly earnings growth remained steady at 3.86%. The Northeast saw its largest job growth since 2019, with construction leading the sector growth. However, job growth in the West is declining.
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.
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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.