HR Training 2021 - Using Statistics in Compensation

Overview:
This webinar will address the statistics behind pay program design and administration, from the design of pay structures through the analysis of pay survey data.
It will explore how practitioners create and analyze pay ranges, pay survey data, individual and group pay rates, and other elements of a compensation program. It will address such questions as: how do you calculate minimums and maximums of a pay range, knowing just the new midpoints? what is a compa-ratio, and how are they used? how do you 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?Knowing these statistical concepts can improve your ability to create and analyze your compensation program.