Compensation has a strong and inseverable link with statistics, the reason being that knowledge of the latter is critical and indispensable for devising and analyzing concepts relating to pay, such as pay ranges, pay survey data, individual and group pay rates, and other elements of a compensation program.
A webinar that TrainHR, a leading provider of professional trainings for the human resources industry is organizing on January 30, will make an in-depth exploration of the close relationship between statistics and compensation. David J. Wudyka, SPHR, Managing Principal of Westminster Associates in Wrentham, MA, and an independent Human Resource Consultant with over 30 years’ experience in the profession, will be the expert at this webinar.
Please visit TrainHR to gain a solid perspective of the bond between statistics and compensation.
This activity has been approved for 1.5 HR (General) recertification credit hours toward aPHR, PHR, PHRca, SPHR, GPHR, PHRi and SPHRi recertification through HR Certification Institute (HRCI).
Viewing this webinar, its entirety qualifies for a recertification credit hour that may be counted toward SHRM-CP and SHRM-SCP recertification from SHRM. Credit is awarded based on the actual educational time spent in the program.
Thorough exploration of all the elements of the pay structure
David will simplify for the participants the assumed complexities of the pay structure, which will help them get a thorough grasp of the many elements of the statistics that go into the pay structure. In the course of helping the participants of this webinar with this aspect, he will raise and answer many core questions relating to statistics in pay structure. These are some of them:
- How to calculate minimums and maximums of a pay range, knowing just the new midpoints?
- What is a compa-ratio, and how is it used?
- How does one calculate a percentile, and how are percentiles used?
- Why are weighted averages used by the majority of Compensation practitioners, and not the median?
- What is the difference between simple regression analysis and multiple regression analysis, and how do practitioners use these concepts in a practical way?
- What is correlation analysis and how does this analysis help in pay program administration?
- When you are creating new pay structures, how can you estimate the number of grade levels between new midpoints using selected midpoint to midpoint spread percentages?
- Why do practitioners divide pay ranges into quartiles?
A look into all the measures that go into pay programs
A strong grasp of these statistical concepts can go a long way in improving one’s ability to create and analyze a compensation program. David will help the participants identify the measures that Compensation professionals use when they design and administer pay programs, right from the creation of pay structures to the analysis of pay survey data. The aim is to offer clarity on the elements of compensation programs via the underlying statistics.
This webinar will traverse these areas:
- How to create and analyze pay range widths (“spreads”)
- Why “weighted averages” are more widely used than “medians”
- Defining “means”, “medians” and “modes” (and how to use them)
- How to understand the statistics of pay structure design
- Understanding the difference between regression and correlation analysis, and how to apply them effectively in pay program analysis
- How “percentiles” differ from “percents”, and how to calculate them
- How to calculate rate range minimums and maximums from estimated midpoints
- Calculating the “penetration” of pay rates in pay ranges
- The Compa-ratio: what it is, how to calculate it and how to used it
- Why pay ranges are divided into “quartiles”
- The difference between “linear regression” and “multiple regression”
- How to estimate the number of grade levels between two new pay structure midpoints
- What are “measures of central tendency” and why are they important for analysis?
This webinar is designed for the benefit of Compensation Analysts, Human Resource Managers, Human Resource Generalists, Financial Managers, and Human Resource Managers who are new to the Compensation function.
About the expert: David has more than thirty years of experience in his specialty, Compensation Consulting. David has taught extensively in colleges and universities such as UMass Boston, Bryant University, and the U.S. Coast Guard Academy. Davis is one of the first people in the United States certified in the Compensation field by the World At Work.
David looks at ways by which the HR department in an organization can enhance its role to become a Strategic Partner in businesses today. He writes extensively on topics of vital interest to the industry, such as how to improve pay transparency and how to narrow the gender pay gap in which the bottom lines for businesses improves, irrespective of their size.