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Using Statistics in Compensation
- Compensation metrics
- Revenue or expense per employee
- Compensation as a percentage of revenue or of total expenses
- Average full-time-equivalent (FTE) compensation (both base and total)
- Overtime rates
- Variable compensation as a percentage of revenue or profit
- Analytical methods
- Market Data Comparison
- Labor Cost Analysis
- People count Analysis
- Retention Analysis
- High Performer Analysis
- Sales Compensation Analysis
- Geographic Pay Analysis
Overview of the webinar
For years, Human Resources as a profession has been running to "catch up" with other professions in the adaptation and use of technologies.
Over the past few years, new technologies have emerged to help companies manage multiple aspects of their “human resources” and compensation management is one of the chief beneficiaries of them.
Previous versions of compensation management software were centered around goal management and alignment. These technologies have progressed to include a valuable suite of data analysis features. In expert hands, this data can be used to create several benefits for enterprise organizations.
As the recent economic times demonstrate, there can be substantial fluctuations in revenue over time. In times of decreasing revenue, it becomes crucial to control costs in order to maintain profitability. With the cost of the workforce being a large percentage of most companies’ costs, CFOs turn to the value of compensation analytics to make strategic decisions on how to manage the workforce.
Good analytics also help us make better decisions and reduce the temptation of “gut instinct” for decision-making. Good and accurate compensation information across the enterprise allows managers and Human Resources to make better and more equitable decisions.
The topic of pay fairness has received a great deal of attention during the current pandemic. This has become particularly problematic as companies have had an increasingly difficult time filling job openings. We need to be able to measure pay equity in order to conduct accurate pay fairness assessments that include base salary, bonus structures, job classes, and performance values residing inside compensation applications.
Statistical procedures in combination with compensation analytics reveal the true compensation picture that can be communicated both internally and externally and satisfy compliance requirements. This analysis, including modern predictive analytics, can help to ensure that employees are being compensated fairly and without bias.
In addition, to paying equity, transparency of pay has become an important conversation both locally and at the national level. If one of the objectives of our compensation system is to align organizational goals with employee performance, transparent decisions allow employees to have a better understanding of what the company is trying to achieve.
Who should attend?
- Society for Human Resource Management
- SHRM local chapters
- Association for Talent Development
- College and University Professional Association for Human Resources
- HR People + Strategy
- Human Capital Institute
- International Association of Administrative Professionals
Why should you attend?
Analytics is the new "mantra" in Human Resources. Using various analytical tools enables us to do a better job of helping the company utilize its resources more effectively and become more competitive in the marketplace.
People analytics experts are finding new ways to use data to make better decisions within the Human Resources function, drive value to the bottom line, and increase employee satisfaction.
One of these areas is employee compensation. For many companies, the largest expense line in the financial reports is often the cost of the workforce. Because of this, compensation analytics has become a strong focus for executives that need to keep costs in line with revenue to maintain a healthy, profitable company.
Faculty - Dr.Greg Chartier, SPHR, GPHR, SCP
Dr. Chartier is the Principal of HRinfo4u, a human resource consulting firm, and a well-known educator and speaker. As a consultant, he works with organizations to improve the effectiveness and efficiency of their human resource function. He has worked extensively in designing, developing, and implementing human resource programs, procedures, and systems for smaller and mid-size firms up and down the Hudson Valley.
Greg is a thought-provoking professional speaker and his wisdom and insights into management and leadership make him an electrifying speaker and seminar leader. His seminars are customized to reinforce the company mission, vision, values, and culture and the content is practical for team leaders, managers, supervisors and executives alike.
Credits
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
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.