An insightful, hands-on focus on the statistical methods used by compensation and human resources professionals in their everyday work
Across various industries, compensation professionals work to organize and analyze aspects of employment that deal with elements of pay, such as deciding base salary, bonus, and commission provided by an employer to its employees for work performed. Acknowledging the numerous quantitative analyses of data that are a part of this everyday work, Statistics for Compensation provides a comprehensive guide to the key statistical tools and techniques needed to perform those analyses and to help organizations make fully informed compensation decisions.
This self-contained book is the first of its kind to explore the use of various quantitative methods—from basic notions about percents to multiple linear regression—that are used in the management, design, and implementation of powerful compensation strategies. Drawing upon his extensive experience as a consultant, practitioner, and teacher of both statistics and compensation, the author focuses on the usefulness of the techniques and their immediate application to everyday compensation work, thoroughly explaining major areas such as:
Frequency distributions and histograms
Measures of location and variability
Exponential curve models
Maturity curve models
Market models and salary survey analysis
Linear and exponential integrated market models
Job pricing market models
Throughout the book, rigorous definitions and step-by-step procedures clearly explain and demonstrate how to apply the presented statistical techniques. Each chapter concludes with a set of exercises, and various case studies showcase the topic's real-world relevance. The book also features an extensive glossary of key statistical terms and an appendix with technical details. Data for the examples and practice problems are available in the book and on a related FTP site.
Statistics for Compensation is an excellent reference for compensation professionals, human resources professionals, and other practitioners responsible for any aspect of base pay, incentive pay, sales compensation, and executive compensation in their organizations. It can also serve as a supplement for compensation courses at the upper-undergraduate and graduate levels.
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Most Helpful Customer Reviews
If you are striving to gain a sound fundamental understanding on relevant compensation analyses or if you are laboring with performing comprehensive analyses to uncover pay inequities amongst your company employees... I believe that you will find this book to be instrumental, with a hands-on, insightful focus on the statistical methods that will enlighten even the most tenured compensation practitioners. I am a Certified Compensation Professional (CCP), and Compensation Manager for a publicly-traded Fortune 500 company; I have found this book to be an all-inclusive, highly useful desk reference for today’s compensation practitioner. It certainly has been extremely valuable in helping me to contribute in successful strategic business decisions. This book provides easy to follow instructions for statistical techniques and knowledge to anyone seeking to execute as a bona fide "Analyst". The content of this reference aid provides today's compensation analysts and other analytical professionals, the “how to” source in producing relevant analytical information and to play an active role for better strategic decision-making. Analyses that answer questions such as, "What is our market position?", “What should our salary increase budget be the next three years?” etc., are given in this text with step-by-step detailed approaches. If you have an analytical need and you are unclear on how to execute, I urge you to source John Davis' “Statistics for Compensation: A Practical Guide to Compensation Analysis”... more times than not, this book has saved me time by having the answer, with most times, an alternative insight that I had not considered. The book’s content has consistently prompted me to try alternative statistical methods that have proven value-added and essential in decision-making, both strategic and tactical.