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Using Regression Analysis in Compensation

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 : 702088
Instructor: David J. Wudyka

Duration: 90 Minutes  

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US$395.00

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Recertification Credit

SHRM-Recertification
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. ?

The use of this seal confirms that this activity has met HR Certification Institutes (HRCI) criteria for recertification credit pre-approval.

This activity 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). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org."


Overview: In this webinar we will build a pay structure using hypothetical pay survey data.

Why should you Attend: Learn how to build a pay structure with regression analysis. Pay lines are created using this technique that form the basis for the establishment of pay range midpoints in the pay structure. These pay lines can be manipulated in consideration of the importance of various job classifications in your organization. Using this method will enable you to explain what you have done, and what it means to your employees.

Areas Covered in the Session: In the process you will learn:
  • 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 and why it is important
  • What to use as a measure of the pay range midpoint: "weighted averages" or "medians"?
  • The difference between "regression analysis" and "correlation analysis?"
  • How wide pay ranges should be in percentage terms
  • The ideal range spread 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, MBA, is the Managing Principal of Westminster Associates of Wrentham, MA (www.westminsterassociates.net). He has over thirty years experience as a Human Resource Consultant with a specialty in Compensation Consulting. David has taught extensively in colleges and universities such as UMass Boston, Bryant University, and the U.S. Coast Guard Academy. David is especially interested in how the HR Dept. can strengthen its role as a Strategic Partner in businesses today. He is writing extensively about how to improve pay transparency and to reduce the gender pay gap in ways that make sense for businesses of all sizes.




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