Pay is basically about statistics, as it is designed and administered around math. Math, as we all know, is vital to all aspects of pay, right from the structure to the analysis of data.
The importance that statistics has in compensation can never be understated. When 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; knowledge of statistics is a must.
Understanding the relationship between statistics and compensation
An in-depth exploration of all the close relationship between statistics and compensation will be made at a webinar that TrainHR, a leading provider of professional trainings for the human resources industry; is organizing. The speaker at this webinar is David J. Wudyka, SPHR, Managing Principal of Westminster Associates in Wrentham, MA, who is an independent Human Resource Consultant with over 30 years’ experience in the profession. Davis is one of the first people in the United States certified in the Compensation field by the World At Work.
You can get to explore the deep relationship between statistics and compensation by registering for this webinar at TrainHR .
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.
All the elements of the pay structure
The aim of this webinar is to help the participants simplify and elucidate the assumed complexities of the pay structure and make them get a grasp of the many elements of the statistics behind the pay structure. In the course of helping the participants of this webinar with this; he will pose and counter the myriad questions about 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?
Familiarity with all the measures that go into pay programs
These statistical concepts can be a very effective means to improve one’s ability to create and analyze one’s compensation program. The speaker will help identify the measures that Compensation professionals use when they design and administer pay programs, from the creation of pay structures through the analysis of pay survey data. This webinar will offer clarity on the underlying statistics of the elements of compensation programs.
It will cover the following areas during this session:
- 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 use 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?
Compensation Analysts, Human Resource Managers, Human Resource Generalists, Financial Managers, and Human Resource Managers who are new to the Compensation function are some of the personnel who will extract high value from this course.