Paychex CEO Says Low Unemployment Most Affecting Small Businesses

The video discusses regional wage increases, highlighting the West's rise due to minimum wage changes. It contrasts this with job growth in the South, driven by energy and construction. Small businesses face challenges from wage hikes, lacking resources to compete. Fringe hiring is rising, and the housing market may boost job demand. Labor shortages and a skills gap in technical trades are noted, with community colleges stepping in to provide training.

Which region is experiencing faster wage increases due to minimum wage changes?

• The South

• The West

• The Northeast

• The Midwest

What is one of the main reasons small businesses are struggling to hire?

• Increased wage costs

• Lack of demand

• Excessive pricing power

• High tax benefits

What is a common sentiment among small businesses regarding future demand?

• Optimistic about demand

• Pessimistic about growth

• Unaware of market trends

• Indifferent to market changes

What type of skills are most lacking in the current labor market?

• Communication skills

• Management skills

• Marketing skills

• Tech skills

How are businesses addressing the skills gap in technical trades?

• By increasing wages

• By reducing job requirements

• By outsourcing jobs

• By providing training