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Putting Compensation Statistics in the Right Perspective Will Lead to Increased ROI

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.

How to prepare compensation statistics and how to make sense of these?

Arriving at compensation statistics involves having to get a grasp of these concepts:

  • Pay structure development
  • "Control points" in pay ranges, including minimums, midpoints and maximums
  • Weighted and un-weighted averages
  • Means, medians and modes
  • Weighted and un-weighted averages
  • Regression and correlation analysis
  • Standard deviations and data ranges
  • Compa-ratios, and
  • Independent and dependent variables.

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.

Read more : https://www.trainhr.com/control/compensation-statistics

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