Payroll professionals predict a shift in the industry with 73% believing AI will shape the function in the next year, according to MHR’s study. Despite optimism about AI’s potential, concerns about falling behind technologically are rising. Manual processes, like spreadsheet use and data input, are on the rise, posing challenges for professionals.

The report highlights that payroll professionals are keen to adopt AI solutions to reduce errors, but face challenges such as data security and lack of skills. 88% believe companies need to invest more in payroll technology. MHR CEO emphasizes the need for a balance between AI solutions and human oversight to unlock the full potential of the payroll sector.

Read more at Yahoo Finance: Payroll sector set for major shift as AI adoption grows: MHR study