Paychex and IHS Markit released it’s February data on small business hiring and wage growth. According to Frank Fiorille, Vice President of Risk Management of Paychex in Henrietta, he says smaller companies are having a bit of a tough time.
Fiorille says, “I think the overarching thing is that small businesses are still having a hard time finding, attracting and retaining employees.”
The labor market is extremely tight nationally according to Fiorille, including Rochester. What you’re seeing is smaller businesses becoming creative to continue to grow, something that is evident in Rochester, with various technology and other startups. And the environment here? Not too bad.
“You don’t seem any boom or bust like you’d see in a place like (for example), Houston. Rochester’s doing okay compared to the rest of the county,” adds Fiorille.
With small business hiring, reports show rates remained consistent from January, and wage growth went up slightly up to 2.50 percent. Even with that, Fiorille says Rochester is a solid place to start a business.
The secret to small businesses starting out according to Fiorille? Confidence. “If you look at consumer confidence recently and small business confidence, it’s a record level highs.”
“I think that and some of the regulations that have recently been lifted. Less regulations, most businesses will tell you is a good thing,” says Fiorille.
Fiorille says the macro rates are still low and it’s very easy thanks to technology, to get your ideas out there and started. He adds, in short for Rochester, “It’s a pretty good time to think about starting a business.”
To read the full Paychex and IHS report, click here.