Paychex Inc - PAYX STOCK NEWS

Paychex has introduced Paychex Recruiting Copilot, an AI-assisted recruiting tool for small and medium-sized businesses, in partnership with Findem. This solution uses 3D data and natural-language search to analyze millions of potential employees, quickly producing a list of qualified candidates based on specific hiring requirements.

Key features include:

• Instant access to qualified talent
• Creation of active talent pools
• Elimination of traditional job posting and resume review processes

The tool enhances Paychex Flex®, the company's cloud-based HCM SaaS solution, bringing advanced recruiting capabilities typically available only to large enterprises to smaller businesses. This innovation addresses the challenge of finding qualified candidates, reported by 80% of Paychex customers in a recent study.

Paychex, Inc. (Nasdaq: PAYX) has announced its upcoming fiscal 2025 first quarter earnings release and conference call. The company will disclose its financial results for the quarter ended August 31, 2024, via Business Wire before market open on Tuesday, October 1, 2024. A conference call to discuss the results is scheduled for 9:30 a.m. ET on the same day, featuring John Gibson, president and CEO, and Bob Schrader, senior vice president and CFO.

The call will be accessible as a live broadcast on the Paychex Investor Relations portal. An on-demand webcast will be available for replay for approximately 90 days after the live call.

The Paychex Small Business Employment Watch for August 2024 reveals a cooling labor market for U.S. small businesses with fewer than 50 employees. Hourly earnings growth dropped to 2.89%, falling below 3% for the first time since January 2021. The national small business jobs index averaged 100.37 through eight months of 2024, indicating modest employment growth. Despite a slight increase to 99.89 in August, the index remained below 100, suggesting nominal year-over-year job losses.

Regional highlights include the Midwest leading in small business employment growth at 100.50, with Indiana topping both state and national rankings at 101.87. The West led in hourly earnings growth at 3.55%, while the Construction sector outperformed in hourly earnings (3.66%), weekly earnings (3.81%), and weekly hours worked (0.27%).

Paychex, Inc. has been awarded the 'Top HR Product of the Year' for Paychex Flex Perks, a curated digital marketplace for employee benefits. This marks the fourth time a Paychex solution has received this recognition. The award, given by Human Resource Executive Magazine, highlights new HR technology innovations that impact the market.

Paychex Flex Perks is integrated into the company's cloud-based SaaS solution, Paychex Flex. It offers a range of benefits including early access to earned wages, financial wellness solutions, and voluntary lifestyle benefits. The platform is designed to address the needs of today's diverse, five-generational workforce and allows employees to self-select additional benefits based on their personal needs.

This solution is particularly beneficial for small and medium-sized businesses, enabling them to compete with larger organizations in attracting top talent. Paychex Flex Perks services are paid through employee payroll deduction at no cost to the employer.

Paychex, Inc. (PAYX) has launched Paychex Flex® Perks, a digital marketplace of employee benefits integrated into their Paychex Flex cloud-based SaaS solution. This new offering includes 17 unique products addressing the needs of today's diverse workforce, such as early access to earned wages, financial wellness solutions, and voluntary lifestyle benefits.

Key features of Paychex Flex Perks include:

• Affordable Benefits and Discounts powered by Corestream
• Paychex Pay, an online spending account with Debit Mastercard®
• Pay on Demand powered by Payactiv for flexible wage access
• Financial Wellness Powered by FinFit®

These services are paid through employee payroll deduction at no cost to the employer, allowing businesses of all sizes to offer enterprise-level benefits to compete in today's labor market.

Paychex, Inc. (PAYX) has launched Paychex Flex® Engage, a comprehensive employee engagement solution designed to help businesses digitally manage their workforce, drive collaboration, and enhance the employee experience. This new offering combines employee engagement, performance reviews, rewards, and compensation management features into one platform, fostering virtual collaboration and transparency between managers and employees.

Key features of Paychex Flex Engage include:

• Employee Engagement: Social dashboard for company events and surveys
• Rewards & Recognition: Peer-to-peer recognition tools and virtual badges
• Performance & Goal Management: Automated review processes and goal-setting
• Compensation Management: Real-time budget tracking and automated pay adjustments

The solution aims to address the needs of today's complex workforce, which includes multi-generations and various work arrangements (on-site, remote, and hybrid).

The Paychex Small Business Employment Watch reports that hourly earnings growth for U.S. workers in businesses with fewer than 50 employees remained steady at 3.16% in July 2024. Weekly earnings growth has been below 3% for six consecutive months. The Small Business Jobs Index shows moderate gains in the first seven months of 2024, with a July reading of 99.87.

Key highlights include:

• Midwest region leads in small business employment growth
• Construction sector leads in earnings growth but shows a decline in job growth
• Weekly hours worked growth remains negative for the 16th consecutive month
• Education and Health Services tops industry employment growth but has the weakest hourly earnings growth

Small businesses continue to face challenges in hiring due to a tight labor market, inflationary pressures, and evolving regulations.

Paychex has been recognized on TIME's inaugural list of America's Best Midsize Companies, ranking 29th out of 500 top-performing U.S.-based organizations. The company was evaluated based on its culture, business results, and corporate responsibility efforts. Paychex president and CEO, John Gibson, expressed honor at the recognition, emphasizing the company's focus on helping businesses succeed and delivering value to customers, investors, and communities.

The list, presented by TIME and Statista, Inc., considered U.S.-based companies with revenue between $100 million and $10 billion in 2022 or 2023. Evaluation criteria included employee satisfaction, positive revenue growth, and sustainability transparency. In 2024, Paychex was also named one of the World's Most Ethical Companies for the 16th time and inducted into the Training Hall of Fame for its commitment to employee development.

Paychex, Inc. has reached a significant milestone in its 401(k) business, now administering plans for over 120,000 employers as of May 31, 2024. The company has surpassed $51 billion in assets under administration. Notably, the Paychex Pooled Employer Plan (PEP), launched in 2021, has been adopted by 34,000 employers with more than $1 billion in plan assets.

Paychex offers integrated 401(k) solutions with its Paychex Flex® HR suite, providing cost-effective retirement benefits to small and mid-sized businesses. The company's offerings include accessible investment management tools, fee transparency, and investment flexibility. Paychex aims to address the retirement savings crisis in America by providing affordable solutions to companies, enabling 1.5 million Americans to save for their future.