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How to Build a Pay Structure without Regression Analysis

By attending this webinar you will Learn how to build a pay structure with regression analysis, also how to test and integrate your employee pay rates into the new pay structure, Regression analysis is a statistical technique that predicts the level of one variable based on the level of another variable.

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Product Id : 701871
Instructor: David J. Wudyka

Duration: 90 Minutes  



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Recertification Credit

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. ?

In this webinar we will build a pay structure, starting from hypothetical pay survey data.

Why should you Attend: Learn how to build a pay structure without regression analysis. This technique is not only easier, but it possesses an advantage that regression techniques don't possess. Specifically, pay lines can be created and manipulated that consider the importance of various job classifications to the organization. The result will be that you will understand the method for doing so, and will be better able to explain what you have done, and what it means, to others in your organization.

Areas Covered in the Session:
  • What data to use from pay surveys you possess
  • The importance of benchmark jobs and their associated data
  • How much survey data to use for building the pay structure
  • What a "weighted average" is
  • What to use as a measure of the pay range midpoint: "weighted averages" or "medians"?
  • The value of on-line pay data: is it quality data?
  • How wide pay ranges should be
  • The ideal range for "midpoint to midpoint spreads"
  • What the "seed data" should be for the development of pay ranges
  • How to test and integrate your employee pay rates into the new pay structure
  • How often to update your pay structures

Who Will Benefit:
  • Human Resource Managers
  • Compensation Analysts
  • Compensation Managers
  • Financial Managers of HR Departments
David J. Wudyka, SPHR, is an independent Human Resource Consultant with over 30 years experience in the profession. He is the Managing Principal of Westminster Associates in Wrentham, MA, a Human Resource Consulting firm offering a wide array of Human Resource consulting services, including the design of Compensation programs. He is one of the first people in the United States certified in the Compensation field by the World At Work. David is also an Adjunct Faculty member at several universities in New England, including the University of Massachusetts at Boston and the Massachusetts College of Pharmacy and Health Sciences in Boston.

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