Regression Analysis: Using Survey Data To Set Internal Pay Levels With Precision
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In January 2016 President Obama proposed a bill requiring companies to report data about how people are paid by race, gender and ethnicity. This data lends itself to the use of regression analysis to compare how people are paid in protected classes vs. people “in the majority.”
As a result, the government and organizations are demanding more from HR, especially with the greater emphasis upon “workplace analytics” (i.e. the use of statistical data for the analysis of work operations). This emphasis inevitably spreads the expectations and use of statistical approaches throughout an organization.
Essentially, HR can demonstrate greater precision in the prediction of labor rates, especially at the executive level, through the use of regression analysis.
Pay surveys are excellent sources of pay data for use in the analysis of a company’s internal pay rates. However, there is another level of precision that practitioners can apply to pay data when they possess the source or “raw” pay survey data.
Join us when David Wudyka, Managing Principal and founder of Westminster Associates, will teach you the ins and outs of this regression analysis method, which can be used in other ways to analyze data about HR programs, including performance appraisal program data.
About Your Presenter
- What regression analysis is and how your organization can benefit from it
- How to calculate a regression line
- The difference between “r” and “r²” in regression analysis
- How to calculate and understand the equation of a straight line
- How to use regression analysis in conjunction with pay survey data to build a pay structure and predict rates of pay
- The difference between simple linear and multiple regression analysis
- When to use “iterative” regression analysis to refine your results
- Tips on how to make your first pass at regression analysis a success
- The purpose and relationship of “correlation analysis” to regression analysis
- How to use Excel for regression analysis
- How to predict compensation levels using actual data samples
David Wudyka, MBA, BSIE
Managing Principal and Founder
David Wudyka, SPHR, MBA, BSIE, manages and oversees all company operations, including the design, development and implementation of all client HR programs. His specialties include compensation systems, human resource analytics, HR audits of HR operations, employee retention strategies, and group incentive plans.
Wudyka uses incentive plan strategies in his work as a compensation consultant. He is an invited presenter at THRIVE 2016, the national conference designed to maximize HR’s strategic value that features several comprehensive sessions devoted to compensation strategy.
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|Licenses / Designations / Educational Credits:||PHR / SPHR Re-Certification Credits|
All US States: 1.5
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|Keywords For This Course:|
regression analysis, survey data, pay data
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