Paychex
End-to-end Human Resource Management

Paychex Charitable Foundation Commits $1 Million to Feeding America®

Friday, May 05, 2023

ROCHESTER, N.Y.: Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, today announced that the hunger relief organization Feeding America® will receive a $1 million grant from the Paychex Charitable Foundation. The grant, which allocates $250,000 annually over four years, will support local food banks that deliver equitable access to nutritious food in key markets where Paychex has a high concentration of employees.

Paychex and Feeding America logos

This is the second major gift from the Paychex Charitable Foundation within its strategic giving framework focused on well-being, addressing mental health, physical health, financial health, and professional skills development. In March, Paychex announced a $1 million gift to Mental Health America to support mental and emotional well-being. This gift to Feeding America addresses the second focus area on physical health.

"Our position as one of the country's leading providers of HR solutions has offered us valuable insight into the most pressing issues facing American workers today," said John Gibson, Paychex president and CEO. "Food security is a driving factor in overall health and well-being, providing the foundation to achieve quality education and economic stability in our local communities. Our work with Feeding America will make a meaningful difference in fighting hunger across the U.S."

Feeding America is the nation's largest hunger-relief organization. Through its robust partnership network, the organization provided 5.2 billion meals to people experiencing hunger last year.

"Impacting nearly 34 million people in the US, food insecurity is an issue that exists in every county, parish, and borough in the country," said Lauren Biedron, vice president of corporate partnerships at Feeding America. "Which is why we are grateful for partners like Paychex, who are showing up to help local communities thrive. With their support, we can continue to advance change and ensure equitable access to nutritious food for all."

In addition to this financial gift from the Paychex Charitable Foundation, Paychex will also be seeking opportunities to engage its 16,000 employees as a volunteer network to help advance Feeding America's mission to end hunger in local markets. The markets that will receive funding through this gift are: Albuquerque, NM; Baton Rouge, LA; Chicago, IL; Lehigh Valley, PA; Los Angeles, CA; Mesa, AZ; Pembroke Park, FL; Rochester, NY; San Diego, CA; and Tampa, FL.

Paychex, Inc. Schedules Fourth Quarter Fiscal 2023 Earnings Conference Call for June 29, 2023

Wednesday, June 21, 2023

Paychex, Inc. (Nasdaq: PAYX) will release financial results for its fiscal 2023 fourth quarter and full-year ended May 31, 2023. Paychex will deliver results via Business Wire before the financial markets open on Thursday, June 29, 2023.

A conference call is scheduled for Thursday, June 29, 2023, at 9:30 a.m. Eastern Time (ET) by the Company, during which they will discuss the quarterly results. Leading the call will be John Gibson, who serves as the President and CEO, and Efrain Rivera, the Senior Vice President and CFO, will also be participating.

The conference call will be accessible to listeners through the Paychex Investor Relations portal as a live broadcast. To ensure proper configuration, individuals should visit the site prior to the start of the live call. Following the live call, an archived on-demand webcast will be made available for replay for approximately 90 days.

Paychex Identifies Top 5 Regulatory Issues for Employers to Watch in 2024

Monday, December 11, 2023

AI, privacy, and wage and hour regulations are critical topics for employers heading into the new year

ROCHESTER - Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, today released the top five regulatory and compliance-related topics employers should be monitoring heading into 2024. The annual Paychex list is intended to keep business leaders up to date on the regulatory changes that are most likely to impact them in the coming year and why.

“We consistently hear from our customers that tracking and complying with changing regulations is one of their top pain points,” said Frank Fiorille, Paychex vice president of risk, compliance, and data analytics. “Some items on this year's watch list, such as AI, will introduce both opportunities and complexities for business leaders to manage. Others, like wage and hour regulations or OSHA standards, will require employers to double-down on requirements.”

The in-house compliance team at Paychex continually monitors laws and regulations at federal, state, and local levels that inform educational content available to customers and updates built into Paychex Flex®, the company’s cloud-based SaaS solution. Paychex has identified the following topics that employers should pay close attention to in 2024:

1. Artificial intelligence (AI) regulations: The Biden Administration’s Executive Order on AI established standards for developing and utilizing this emerging technology. Now, Congress and state-level officials have indicated an interest in establishing guardrails for the responsible use of AI in the coming year.

2. Data privacy and cybersecurity: Five state-level consumer data privacy laws were enacted in 2023, adding California, Colorado, Connecticut, Utah, and Virginia to the list of states with unique data-related legislature on the books. The list will continue to expand in 2024, with at least five more states – Florida, Montana, Oregon, Texas, and Washington – passing privacy laws that will take effect in the coming year.

3. Wage and hour laws: More than twenty new minimum wage increases will take effect on January 1, 2024, which may affect employers operating in those states or in multiple regions. Fair scheduling ordinances recently took effect in certain jurisdictions, as have laws eliminating sub-minimum wage rates and tip credits. Additionally, the U.S. Department of Labor (DOL) is poised to announce its final overtime rule.

4. Workplace safety/OSHA: Workplace safety standards will be updated in 2024 as a revised rule requiring designated high-hazard industries with 100 or more employees to submit reports on injuries and illnesses electronically. Meanwhile, regulations regarding extreme heat have also taken effect in some states, with OSHA signaling its intention to explore a federal response to increasingly severe weather.

5. Retirement: With further SECURE 2.0 provisions taking effect in 2024, retirement legislation will continue to be a focus in the new year. Clarifying guidance is expected for several provisions, including student loan matching contributions. At the state level, Maine, New York, and New Mexico are all expected to launch state-facilitated workplace retirement programs in the coming year.

Other areas of regulatory interest for business leaders include family and medical leave regulations and recently updated electronic work verification systems. For more information, read Top Regulatory Issues of 2024: Businesses Should Know and Prepare WORX article.

U.S. Small Business Job Growth Continues as Wage Inflation Moderates to Close 2023

Friday, January 05, 2024

ROCHESTER, N.Y.: U.S. small businesses experienced job growth for all of 2023 and extended a cycle of consistent job growth for 33-straight months, according to December data from the Paychex Small Business Employment Watch. The Small Business Jobs Index closed the year at 101.21 (1.2% growth), while hourly earnings growth for U.S. workers in December (3.48%) was down from 4.93% in December of 2022.

“As the Paychex Small Business Employment Watch has consistently shown all year, the resiliency of the small business community has allowed them to meet the many challenges of 2023 and continue to grow,” said John Gibson, Paychex president and CEO. “Wage inflation also continues to slow indicating that the actions taken by the Fed are having their desired effect on inflation.”

“With a prolonged tight labor market challenging employers to find and retain qualified workers, policymakers should focus their efforts on increasing the participation rate and quality of the U.S. workforce. The Fed’s actions appear to be driving a soft landing as we’ve seen wage inflation normalize without negative impacts on job growth across the U.S. As we look ahead to 2024, small businesses will need to continue to show their resilience as they face many of the same challenges of 2023, such as retaining and attracting quality employees, accessing affordable growth capital, and navigating even more government regulations,” Gibson added.

2023 Year in Review

• Nationally, small businesses have experienced job growth for all of 2023, extending a streak of consistent job growth to 33-straight months.

• In 2023, wage growth continued to slow through the year, decreasing about one and a half percent from 4.93% in December 2022 to 3.48% in December 2023. In addition, weekly hours worked growth in 2023 was the most stable it has been since 2018.

• All 20 of the largest U.S. states reported positive job growth to end 2023 and eight of those increased their rate of job growth during 2023.

• At 101.75, the South led regions in December and had the strongest rate of job growth for 11 of 12 months in 2023, while the West region slowed the most during 2023 (1.11 percentage points).

December 2023 Highlights

• In December, small business job growth increased by 1.21%, standing at 101.21.

• Hourly earnings growth for U.S. workers in December (3.48%) was relatively unchanged since November (3.47%).

• The average pace of job growth in 2023 remained above the growth rate leading up to the pandemic (March 2019 – February 2020) when it was 101.10.

• At 100.66 in December, Leisure and Hospitality slowed its pace of job growth the most among sectors (2.46 percentage points) and, while the sector started 2023 first, it ended ranked sixth in job growth.

The complete Small Business Employment Watch results for December 2023, including interactive charts detailing the data at a national, regional, state, metro, and industry sector level are available at www.paychex.com/watch. Learn more and sign up to receive monthly Employment Watch alerts.

About the Paychex Small Business Employment Watch*

The Paychex Small Business Employment Watch is released each month by Paychex, Inc. Focused exclusively on businesses with less than 50 workers, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity. Drawing from the payroll data of approximately 350,000 Paychex clients, this powerful industry benchmark delivers real-time insights into the small business trends driving the U.S. economy.

Paychex Flex® Earns 2024 HR Tech Award from Lighthouse Research & Advisory Firm

Tuesday, June 11, 2024

The SaaS solution was recognized as a Best Core HR/Workforce Solution for the fifth time

ROCHESTER - Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, has again received industry recognition for Paychex Flex®, the company’s cloud-based SaaS solution. For the fifth consecutive year, Paychex earned an HR Tech Award from Lighthouse Research & Advisory for Best Small Business-focused Solution in the Core HR/Workforce category.

According to Lighthouse Research & Advisory data, more than 5,000 providers exist across the HR technology landscape, with more startups emerging daily. The HR Tech Awards recognize an elite group of companies representing approximately 1-2% of all firms in the HR technology marketplace for their focus on creating solutions that solve problems customers care about.

Entries are judged by a panel of industry analysts, business professionals, academics, and other independent subject matter experts in five key areas:

• Problems the technology solves in the market

• Client case studies

• Key differentiation analysis compared to other solutions in the market

• Software evaluation

• Company evaluation

"Small businesses need HR solutions that don’t add complexity or additional tasks to their schedule. Paychex Flex does just that, saving clients anywhere from dozens to hundreds of hours each year, allowing business leaders to spend more time working on the business, not just in the business," said Ben Eubanks, chief research officer at Lighthouse Research & Advisory.

With a combination of cloud-based technology backed by a national team of HR professionals, Paychex continues to deliver digital HR solutions and advisory services that automate and simplify the complexities of managing HR, payroll, and benefits. The company also provides educational content through knowledge-based articles, videos, podcasts, and webinars that help businesses understand the impact of regulatory changes, workplace trends, and more.

"Paychex Flex is designed to meet the ever-changing workplace challenges and demands that businesses of all sizes are facing in today’s market," said Tom Hammond, Paychex vice president of strategy, partnerships, and business development. "It’s an honor to be recognized by Lighthouse Research & Advisory as a top technology provider that is helping business leaders and HR professionals solve complex challenges and focus on the bigger picture of growing the business."