Quantitative Principles in Compensation Management
Master HR Statistics with Excel
This course focuses on general quantitative concepts, basic statistical tools, the mathematics of compensation design and administration, mathematical modeling and regression analysis. This course will demonstrate how to apply these concepts utilizing Excel so all participants must have access to Excel while completing the course. Participants will learn to consider data from numerous sources with an emphasis on problem solving and decision making.
Learn basic quantitative concepts and the four levels of measurement.
Learn how to define and compare percents, market index and compa-ratios.
Study the time value of money - including compound interest and the compound salary growth rate.
Learn how to collect, analyze and accurately display statistical data.
Learn how to determine central tendency and measures of central location.
Discuss measures of variability.
Explore shapes of distributions.
Gain an understanding of modeling and regression analysis.
Statistics – Data, Information and Levels of Measurement
Why compensation professionals collect and use data
Five key questions to ask about the variable of interest
Levels of measurement
Percents and Related Issues
Developing salary ranges
Percents in compensation management
Time Value of Money
Time value of money
Present and future value
Compound interest and compound salary growth rate
Constant midpoint progression
Statistics – Collecting, Organizing, Grouping and Displaying Data
Populations and samples
Organize, group and display data
Statistics – Lying with Statistics, Graphs and Displays
Recognizing distorted data
Avoiding mistakes that distort data
Statistics – Measures of Central Tendency and/or Location
Measures of central tendency
Measures of location
Measures of Variability
Measures of variability
2-sigma and 3-sigma rules
Statistics – Shapes of Distributions
Regression models in a compensation environment
Developing a regression model
Cautions in the interpretation of correlations
Who Should Register
This course is intended for those individuals who are pursuing CCP or GRP. It is also applicable for practitioners who are seeking a basic treatment for applying statistics in compensation management and who have responsibility for designing compensation programs.
Participants will have to have access to Excel while taking this course. All demonstrations will be done in Excel 2007.