This is because Paychex collects interest on wages from the time that it cuts a paycheck to the time that it is cashed.
Could the looming threat of interest rates and tax reform impact Paychex' growth this year? To find out, Cramer spoke with Paychex CEO Martin Mucci.
"I think that small businesses may have led the way a little bit in the job growth. We were stronger a bit last year; it's moderated some. I still think it is positive," Mucci said.
The CEO clarified that he thinks growth could have been impacted by some clients who chose to leave Paychex to try a cheaper or more automated solution that features automated software as a service platform, known as SaaS.
"I think what people are seeing are that they are trying someone else maybe in the short term, but what they're not getting is the service and the full breadth of the products that we offer," he said.
Mucci added that the company saw strong job additions in the U.S. in the beginning of the year that have now slowed down, as small businesses have become more cautious due to the Affordable Care Act and tax reforms.
"I think what you're seeing is more like if I have a couple of pizza places, I may not open that next one. I may just be careful to expand a little bit," Mucci said.
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This would also explain why Paychex statistics indicate an increase in part-time employment, as tax reform and the Affordable Care Act will cost them money. However he has not seen that the new regulations have prevented any small businesses from opening, only that it has created an environment of caution.
"The moderation is really in the check-growth, that's checks per payroll. That has slowed down, so the hiring of the existing clients tended to moderate and not grow as fast. I think it grew faster early and then started to moderate out," he said.