Statistics for Compensation
A Practical Guide to Compensation Analysis
John H. Davis
- English
- ePUB (disponibile sull'app)
- Disponibile su iOS e Android
Statistics for Compensation
A Practical Guide to Compensation Analysis
John H. Davis
Informazioni sul libro
An insightful, hands-on focus on the statistical methods used by compensation and human resources professionals in their everyday work
Across various industries, compensation professionals work to organize and analyze aspects of employment that deal with elements of pay, such as deciding base salary, bonus, and commission provided by an employer to its employees for work performed. Acknowledging the numerous quantitative analyses of data that are a part of this everyday work, Statistics for Compensation provides a comprehensive guide to the key statistical tools and techniques needed to perform those analyses and to help organizations make fully informed compensation decisions.
This self-contained book is the first of its kind to explore the use of various quantitative methods—from basic notions about percents to multiple linear regression—that are used in the management, design, and implementation of powerful compensation strategies. Drawing upon his extensive experience as a consultant, practitioner, and teacher of both statistics and compensation, the author focuses on the usefulness of the techniques and their immediate application to everyday compensation work, thoroughly explaining major areas such as:
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Frequency distributions and histograms
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Measures of location and variability
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Model building
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Linear models
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Exponential curve models
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Maturity curve models
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Power models
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Market models and salary survey analysis
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Linear and exponential integrated market models
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Job pricing market models
Throughout the book, rigorous definitions and step-by-step procedures clearly explain and demonstrate how to apply the presented statistical techniques. Each chapter concludes with a set of exercises, and various case studies showcase the topic's real-world relevance. The book also features an extensive glossary of key statistical terms and an appendix with technical details. Data for the examples and practice problems are available in the book and on a related FTP site.
Statistics for Compensation is an excellent reference for compensation professionals, human resources professionals, and other practitioners responsible for any aspect of base pay, incentive pay, sales compensation, and executive compensation in their organizations. It can also serve as a supplement for compensation courses at the upper-undergraduate and graduate levels.
Domande frequenti
Informazioni
- Identify the question behind the question, and identify implications and impacts on business plans, budgets, employee engagement, legal/regulatory restrictions, and so on.
- Translate the question into analyses and quickly assess how the analyses are best conducted and presented.
- Get the right data from internal and external data sources, and ensure they are accurate and appropriate.
- Organize and conduct the analyses and draw conclusions, which is usually an iterative process. The initial analyses may raise more questions than provide answers.
- Identify the underlying assumptions (i.e., what the answer “depends” on) and implications of the conclusions.
- Prepare executive-ready analyses and conclusions.
- What is our market position?
- What should our salary increase budget be this year?
- What should the new accounting supervisor be paid?
- What should our strategy be in balancing pay and benefits?
- Do we have any pay inequities?
- How do we decide who gets released when we have a reduction in force?
- Can we justify the training program?
- How effective are our employee communications programs?
- Should our policies for time off for two plants be the same?
- How do the benefits costs of our company compare with those of our competitors?
- What is the company day care usage?
- Specific issues, such as what should the new accounting supervisor be paid.
- Policy issues, such as what should be our pay policy with respect to competition.
- Broad strategy issues, such as how should we balance pay and benefits to attract, retain, and motivate the kinds and numbers of employees we need to achieve the company goals.
No. of Incumbents | 30 |
Average | 62,207 |
Low | 53,800 |
P10 | 56,280 |
P25 | 59,500 |
P50 | 60,900 |
P75 | 65,150 |
P90 | 68,580 |
High | 76,800 |
Standard Deviation | 5,465 |
CV | 8.8% |
P90/P10 | 1.22 |