Isn’t pay essentially about statistics, designed and administered as it is around math? And given the inseparable link between math and all aspects of pay, right from the structure to the analysis of data, the connection between statistics and compensation becomes complete.
The link between statistics and compensation can be gauged from the fact that all the vital concepts of pay, such as pay ranges, pay survey data, individual and group pay rates, and other elements of a compensation program, are devised and analyzed only by using statistics.
A learning session to help discern the link between statistics and compensation
TrainHR, a leading provider of professional trainings for the human resources industry; is organizing a webinar which will examine the close relationship between statistics and compensation. David J. Wudyka, SPHR, Managing Principal of Westminster Associates in Wrentham, MA, an independent Human Resource Consultant with over 30 years’ experience in the profession, will be the expert at this session.
Kindly register for this webinar by visiting https://www.trainhr.com/webinar/using-statistics-in-compensation-702491LIVE.
This webinar 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.
Deep insights into statistics as an indispensable element of compensation
At this session, David will describe some of the assumed complexities of the pay structure, which will give the participants an understanding of the role that statistics play in the pay structure. He will ask questions about some of the most intriguing aspects relating to statistics in pay structure and answer them. Some of these questions are:
- What are the ways by which to calculate minimums and maximums of a pay range, knowing just the new midpoints?
- How does one understand a compa-ratio, and how is it used?
- How is a percentile calculated, and how are percentiles used?
- Why is it that weighted averages, and not the median, that are used by the majority of Compensation practitioners?
- How does simple regression analysis differ from multiple regression analysis, and how are these concepts used in a practical way by practitioners?
- How does one understand correlation analysis and how does this analysis help in pay program administration?
- How can one estimate the number of grade levels between new midpoints using selected midpoint to midpoint spread percentages when creating new pay structures?
- What is the logic that drives practitioners to divide pay ranges into quartiles?
The point of discussing these statistical concepts is that they can be very effective in improving one’s ability for creating and analyzing one’s compensation program. 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, will be discussed.
At this webinar, David will cover 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 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?
All personnel connected with compensation and statistics will benefit from this webinar. these include 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. 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.