Online Safety Community

Understanding the relationship between statistics and compensation

Isn’t pay essentially about statistics, since pay programs are designed and administered around math, which is central to pay, right from the structure to the analysis of data?

Statistics has a vital role to play in compensation. Statistics professionals and practitioners have to possess the nous needed 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 learning session that helps understand the relationship between statistics and compensation

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, and is one of the first people in the United States certified in the Compensation field by the World At Work; will explain the role of statistics in compensation at a webinar that is being organized by TrainHR, a leading provider of professional trainings for the human resources industry.

Want to understand the nuances of the relationship between statistics and compensation? Then, all that you need to do is log on to TrainHR to enroll for this webinar.

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.

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).

Pay structure unraveled

At this session, the speaker will simplify and demystify the assumed complexities of the pay structure. In unraveling the mysteries of statistics in compensation, David will help participants understand the various elements of the statistics behind the pay structure. He will ask and answer many questions relating to statistics in pay structure. Some of these include:

  • 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?

Understanding of all the measures that go into pay programs

Knowledge of statistical concepts such as these is a great means improve one’s ability to create and analyze one’s compensation program. At this webinar, David 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 session will offer clear understanding 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 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?

 

Views: 14

Comment

You need to be a member of Online Safety Community to add comments!

Join Online Safety Community

Take our poll!

Take our poll!

Latest Activity

Mark Nilson posted an event

Guidelines for Performing a Vendor Audit with an emphasis on Construction Audit at Training Doyens 26468 E Walker Dr,Aurora, Colorado

April 3, 2018 from 1pm to 2:30pm
OVERVIEWVendor/Contract audits require a certain skill set to understand the terms and conditions of a contract between a Company and any given vendor where products or services are outsourced.  Understanding the risks that are inherent within them is the first step in developing audit objectives and steps. The primary focus of the audit is the vendor (third party) activities pertinent to a contract. A majority of the fieldwork on these types of audits will likely be performed at the Vendor’s…See More
15 hours ago
gracylayla posted an event

How to begin your career in IBM API Connect? at 4608 Spalding, plano TX 75024 United States

February 19, 2018 to February 19, 2019
IBM API Connect is a complete API lifecycle management solution that will make things easier for developers, Central IT, and LoB Management. The thought behind API Connect is that APIs are small data applications, often called microservices, but they are applications nonetheless.IBM API Management with a built-in gateway, allowing you to create, run, manage, and secure APIs and Microservices. API Connect is the first of its kind: a unified end-to-end API management solution that enables the…See More
16 hours ago
John Robinson posted a blog post

Risk Management in the Global Economy and outlook for 2017

Risk management in the global economy is a highly challenging field for risk managers from any part of the world. With most of the world’s countries almost becoming part of the global economy in this era of globalization; it is emerging that risks that apply to one part any one nation’s or group of…See More
18 hours ago
Training Doyens posted an event
Thumbnail

Hot Issues in Multi-State & Internet Sales Tax at 26468 E Walker Dr, Aurora, Colorado 80016-6104

March 13, 2018 from 1pm to 2pm
OVERVIEWStates are tense. They need more revenue.Millions of dollars of internet sales occur daily without tax.  The states want their money. In just 90 minutes, learn the different ways your company triggers nexus on itself and what it must do to comply with state regulations.WHY SHOULD YOU ATTENDWill I owe taxes in more than one state for the same sale? Must I charge tax on my internet sales?  Why is my drop shipper charging me tax?  Why did I receive a NEXUS Questionnaire and what if I don’t…See More
18 hours ago

Forum

Occupational Health and Safety 7 Replies

Health and safety are important aspects of an organisation’s smooth and effective functioning.  Did you know that workplace health & safety injuries cost Australian businesses over $60 billion…Continue

Tags: Safety, and, Health, Occupational

Started by WHS Solutions. Last reply by Tony Ferraro yesterday.

About sailpoint software

An identity management system refers to an information system, or to a set of technologies that can be used for enterprise or cross-network identity management. Additional terms are used synonymously…Continue

Tags: sailpoint

Started by sujathayarlagadda on Friday.

What can be essentials safety measures taken to secure campus?

Students safety inside and outside the school premises is a huge concern in today's risk environment. what measures should be taken to ensure campus security?Continue

Tags: security, campus

Started by Jen McDade Feb 6.

What can be essentials safety measures taken to secure campus?

Students safety inside and outside the school premises is a huge concern in today's risk environment. what measures should be taken to ensure campus security?Continue

Tags: security, campus

Started by Jen McDade Feb 6.

What are the advantages of IoT in healthcare Industry?

No DescriptionContinue

Tags: Aware360, IoTin

Started by Jen McDade Feb 5.

Badge

Loading…

© 2018   Created by Safety Community.   Powered by

Badges  |  Report an Issue  |  Terms of Service