No Noticeable Payroll ‘Drop’ Yet in States Battling COVID-19 Spikes, Says Paychex CEO
Payroll services company Paychex is “seeing a steady increase in paid employees” as clients have hired back employees furloughed during the pandemic, said CEO Martin Mucci on a fiscal Q4 investor call Tuesday. The number of what Paychx calls “suspended…
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businesses” is down to “less than a half of where we were at the peak and continues to come down,” he said. “We're seeing businesses come back,” though not always with the “full employment that they had before,” he said. “They're bringing back employees faster than we had expected.” Paychex is seeing “some,” but not many, clients “yet at this point” going dormant a second time due to partial reclosings in states experiencing a surge in COVID-19 cases, said Mucci. “The funny thing is, some of the Southern states still are performing the best.” There’s no noticeable payroll “drop in those states that have seen some higher occurrence” of COVID-19, he said.