Martin Mucci on labor shortage
From Paychex CEO talks Q4 results, U.S. hiring status, and business outlook | CNBC's Mad Money - 6.29.21 · · Paychex
“What we're hearing from clients is it's a combination of many things that's making it tough to hire. It is the unemployment being higher than normal, that's definitely in most areas. It's going to be that way through Labor Day. As you said, there is stimulus money in people's bank accounts right now. And so there is stimulus money they didn't expect and they are feeling a little bit more secure right now at least through the summer. You are also seeing the market doing well for those in the market. You have COVID health concerns about people being resistant about coming back until more people are vaccinated. And then you have childcare, day care and schools not back to normal. We see this all coming together around September that will allow people to hire a little bit easier would be our sense.”
On , Martin Mucci, Former President & Chief Executive Officer at Paychex, spoke about labor shortage during Paychex CEO talks Q4 results, U.S. hiring status, and business outlook | CNBC's Mad Money - 6.29.21 on Paychex.
About Martin Mucci
Martin Mucci, former President and CEO of Paychex, appeared on financial news programs in 2022 and 2023 to discuss the company's performance and labor market trends. In a March 2023 interview on CNBC's "Mad Money," Mucci noted that Paychex's stock had increased significantly since he began appearing on the show 12 years ago, and he credited the company's 16,000 employees for navigating challenges including recession and COVID-19. He also discussed government subsidies, stating that programs like the Paycheck Protection Program and Employee Retention Tax Credit had helped sustain businesses, and suggested policymakers "ought to keep an eye on something like that for the future." In earlier appearances, Mucci commented on wage growth and hiring conditions for small businesses. In March 2022, he described wage growth as "really strong" at 4.8% year-over-year, and said small businesses faced pressure from supply chain issues and inflation but had strong demand. He noted that rising interest rates benefit Paychex due to the float it carries, but expressed concern about the impact on clients and new business formation. In May 2021, Mucci attributed a pickup in small business hiring to the reopening of leisure and hospitality sectors, and said businesses were optimistic about demand but worried about finding workers. In September 2020, he reported that small business job growth had held steady after an initial rebound from pandemic shutdowns, and said the PPP program had helped many businesses continue operating.