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: 11

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

Adam Fleaming posted a blog post

The GDPR differs Significantly from EC Data Protection Directive 95/ 46

The General Data Protection Regulation (GDPR), which has been codified as Regulation (EU) 2016/679, is a very powerful law regarding the protection of data of the half billion people who live in the European Union (EU). Having come into effect as a result of the European Commission having adapted the proposal for its creation on January 25, 2012; it will replace Directive…See More
yesterday
Adam Fleaming posted events
yesterday
John Robinson posted an event
Thumbnail

Laboratory Compliance webinar for $10 each at Online

August 16, 2017 at 10am to December 31, 2017 at 11am
Want to enhance your regulatory compliance career by learning a new course? All that it costs is $10. Yes, GlobalCompliancePanel, a provider of professional trainings, is offering hundreds of high value regulatory compliance courses for a mere $10 each.Regulatory compliance learning, that vital ingredient needed for professionals in any area of regulatory compliance, is a put off, because many…See More
yesterday
rodriguezcecelia posted a blog post

How PMP Certification impact Your Salary?

Before investing money and time in PMP certification, it is very important for anyone to understand how the certification will impact salary. In this article, we will discuss PMP certification and its effects on salary, which can help you to decide whether you should go for it or not. We will focus on different perspectives of PMP salary, which is based on experience, the size of the company, designation and many others. Overview of PMP CertificationThough the PMP certification salary hike is…See More
Tuesday

Forum

Safety - A Prerequisite 11 Replies

Whether working at home or outside, to observe safety should be our pre-requisite. The employer before anything must be sure of the safety of its employees especially the ones working in mines or any…Continue

Tags: products, safety

Started by Enna Henry. Last reply by Tara safe yesterday.

Lean Six Sigma Black Belt Training in New York City

Welcome to MSys Training! We thank you for visiting MSys LSSBB training page. Attend our 4 days Lean Six Sigma Black Belt (LSSBB) training program with 100% pass rate, high quality course material,…Continue

Tags: sigma, six

Started by rodriguezcecelia Aug 11.

ITIL Certification Training - MSysTraining

The ITIL® Foundation is an entry level qualification in Information Technology industry. It gives participants information about the key elements, terminologies and concepts used in the ITIL Service…Continue

Tags: itil

Started by rodriguezcecelia Aug 8.

Snowflake and Star Schema in Qlikview

In big name schema all of the facts are stored in one important table and the usage of number one key and overseas key courting different measurement tables are related with the fact desk.SNOWFLAKE…Continue

Tags: processing, transactional, qlikview

Started by Soujanya Naganuri Jul 25.

What is Class Structure in Pega?

Class contains the rule by way of which objects behave. outline rules such as houses, sports, flows, html paperwork, etc. to be had to different subordinate classes. lessons are organized into a…Continue

Started by Soujanya Naganuri Jul 17.

Badge

Loading…

© 2017   Created by Safety Community.   Powered by

Badges  |  Report an Issue  |  Terms of Service