Paychex Small Business Snapshot: Economy Ranks as Top Election Issue for Small Business Owners
When it comes to the most important issue to small business owners this election season, there’s the economy; then there’s everything else. Paychex, Inc., a leading provider of human capital management solutions for small- to medium-sized businesses, today released the results of its latest Paychex Small Business Snapshot, which found that more than half of small business owners (52%) named the economy as their top election issue.
After the economy, the other issues cited by small business owners as most important follow in order as health care reform (10%), tax reform (9%), jobs and employment (6%), and immigration (6%).
“While it’s understandable that during an election year, business owners would have broader economic issues on their minds, it’s important not to lose sight of some of the other issues – such as regulation and compliance – that will likely impact them on a more day-to-day basis,” said Martin Mucci, Paychex president and CEO. “Any election year brings a good amount of uncertainty about what the future holds. Parties tend to focus a lot on the country’s economic policies, and while those positions are undoubtedly important, what’s not changing anytime soon are the regulatory burdens that will have a significant effect on everyday business operations.”
According to these survey results, several issues that have appeared to be prominent this election season may not be as concerning for business owners as recent news or political camps may indicate. In fact, minimum wage was listed as the most important issue by just 5% of small business owners, trade by 2%, and the new overtime rule by 1%.
“Small business owners likely consider minimum wage a state rather than a federal issue, while the new overtime rule may be too new to have registered as an important issue,” added Mucci. “However, these are both issues for business owners to keep a close eye on in the coming months.”
About the Paychex Small Business Snapshot Data included in the Paychex Small Business Snapshot was taken from the results of the Paychex Small Business Survey, administered by Bredin. The survey was conducted online between June 5, 2016 and June 20, 2016 and polled 313 principals of U.S. companies with fewer than 500 employees.