Accurately carried out compensation statistics, when shorn of its jargon, is a useful tool to understanding the dynamics of compensation. This is a critical tool in calculating ROI.
Normally, most discussions on compensation statistics tend to go over the head and over the roof. They tend to be full of arcane data, high-sounding parlance, and muddling tables and figures.
No wonder, professionals in the field of compensation packages use the term "descriptive statistics" to describe the elements of information used in the development and management of pay programs.
Arriving at compensation statistics involves having to get a grasp of these concepts:
They need to be demystified, if an organization has to get a good grasp of what to do with compensation statistics and how to use them for understanding one of the organization's core financial aspects, ROI.