U.S Small Businesses Intend to Boost Wages: Paychex CEO

The video discusses the current state of job growth and wage trends, highlighting that while job growth is flat, wages are at their highest in years. Wage increases are now seen across all levels, not just minimum wage earners. The sustainability of these increases is linked to the demand for qualified workers. Sector-wise, leisure and hospitality see the most wage growth, with regional differences noted between the West and South. Small businesses face challenges in hiring and retaining workers, compounded by trade and tariff impacts. Despite these challenges, the economy shows signs of robustness with increased business investments.

What is the current trend in job growth for small businesses?

• Job growth is about flat compared to last year.

• Job growth is significantly increasing.

• Job growth is unpredictable.

• Job growth is decreasing rapidly.

What is the main reason for the recent wage increases across all levels?

• Decrease in available workforce.

• Technological advancements.

• Government intervention.

• Increased demand for services.

Which sectors are experiencing the most significant wage increases?

• Manufacturing and agriculture.

• Technology and finance.

• Healthcare and education.

• Other services and leisure and hospitality.

Which region is experiencing the highest wage increases?

• The East

• The South

• The Midwest

• The West

How have wage trends changed compared to six months ago?

• Only high earners are seeing increases.

• Only low earners are seeing increases.

• All levels of earners are now seeing increases.

• Wages have decreased across all levels.

What percentage of small businesses feel they will be impacted by tariffs and trade issues?

• 70%

• 50%

• 25% to 33%

• 10%

What is a significant challenge for small businesses affected by trade and tariffs?

• Lack of demand for their products.

• Inability to change suppliers easily.

• Excessive government regulations.

• Overproduction of goods.