Statistics for Compensation (eBook)

A Practical Guide to Compensation Analysis

John H. Davis (Autor)

eBook Download: PDF

2011 | 1. Auflage
456 Seiten
John Wiley & Sons (Verlag)
978-0-470-94641-1 (ISBN)

Infos

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

* Model building

* Linear models

* Exponential curve models

* Maturity curve models

* Power 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.

Autor

JOHN H. DAVIS, PhD, is a Certified Compensation Professional and President of Davis Consulting, where he has consulted on salary surveys, statistics, base pay programs, incentive programs, and performance management programs for numerous Fortune 1000-size organizations. He has taught undergraduate and graduate statistics courses and, for the past three decades, has taught thousands of compensation and human resources professionals statistics and its application to common problems in their fields.

Inhalt

Preface.

Chapter 1 Introduction.

1.1 Why Do Statistical Analysis?

1.2 Statistics.

1.3 Numbers Raise Issues.

1.4 Behind Every Data Point, There is a Story.

1.5 Aggressive Inquisitiveness.

1.6 Model Building Framework.

1.7 Data Sets.

1.8 Prerequisites.

Chapter 2 Basic Notions.

2.1 Percent.

2.2 Percent Difference.

2.3 Compound Interest.

Practice Problems.

Chapter 3 Frequency Distributions and Histograms.

3.1 Definitions and Construction.

3.2 Comparing Distributions.

3.3 Information Loss and Comprehensive Gain.

3.4 Category Selection.

3.5 Distribution Shapes.

Practice Problems.

Chapter 4 Measures of Location.

4.1 Mode.

4.2 Median.

4.3 Mean.

4.4 Trimmed Mean.

4.5 Overall Example and Comparison.

4.6 Weighted and Unweighted Average.

4.7 Simpson's Paradox.

4.8 Percentile.

4.9 Percentile Bars.

Practice Problems.

Chapter 5 Measures of Variability.

5.1 Importance of Knowing Variability.

5.2 Population and Sample.

5.3 Types of Samples.

5.4 Standard Deviation.

5.5 Coefficient f Variation.

5.6 Range.

5.7 P90/P10.

5.8 Comparison and Summary.

Practice Problems.

Chapter 6 Model Building.

6.1 Prelude to Models.

6.2 Introduction.

6.3 Scientific Method.

6.4 Models.

6.5 Model Building Process.

Practice Problems.

Chapter 7 Linear Model.

7.1 Examples.

7.2 Straight Line Basics.

7.3 Fitting the Line to the Data.

7.4 Model Evaluation.

7.5 Summary of Interpretations and Evaluation.

7.6 Cautions.

7.7 Digging Deeper.

7.8 Keep the Horse Before the Cart.

Practice Problems.

Chapter 8 Exponential Model.

8.1 Examples.

8.2 Logarithms.

8.3 Exponential Model.

8.4 Model Evaluation.

Practice Problems.

Chapter 9 Maturity Curve Model.

9.1 Maturity Curves.

9.2 Building the Model.

9.3 Comparison of Models.

Practice Problems.

Chapter 10 Power Model.

10.1 Building the Model.

10.2 Model Evaluation.

Practice Problems.

Chapter 11 Market Models and Salary Survey Analysis.

11.1 Introduction.

11.2 Commonalities of Approaches.

11.3 Final Market-Based Salary Increase Budget.

11.4 Other Factors Influencing the Final Salary Increase Budget Recommendation.

11.5 Salary Structure.

Practice Problems.

Chapter 12 Integrated Market Model - Linear.

12.1 Gather Market Data.

12.2 Age Data to a Common Date.

12.3 Create an Integrated Market Model Interpretations.

12.4 Compare Employee Pay with Market Model.

Practice Problems.

Chapter 13 Integrated Market Model - Exponential.

Practice Problems.

Chapter 14 Integrated Market Model - Maturity Curve.

Practice Problems.

Chapter 15 Job Pricing Market Model - Group of Jobs.

Practice Problems.

Chapter 16 Job Pricing Market Model - Power Model.

Practice Problems.

Chapter 17 Multiple Linear Regression.

17.1 What It Is.

17.2 Similarities and Differences with Simple Linear Regression.

17.3 Building the Model.

17.4 Model Evaluation.

17.5 Mixed Messages in Evaluating a Model.

17.6 Summary of Regressions.

17.7 Digging Deeper.

Practice Problems.

Appendix.

A.1 Value Exchange Theory.

A.2 Factors Determining a Person's Pay.

A.3 Types of Numbers.

A.4 Significant Figures.

A.5 Scientific Notation.

A.6 Accuracy and Precision.

A.7 Compound Interest - Additional.

A.8 Rule of 72.

A.9 Normal Distribution.

A.10 Linear Regression Technical Note.

A.11 Formulas for Regression Terms.

A.12 Logarithmic Conversion.

A.13 Range Spread Relationships.

A.14 Statistical Inference in Regression.

A.15 Additional Multiple Linear Regression Topics.

Glossary.

References.

Answers to Practice Problems.

Index.

Rezensionen

"As an experienced compensation manager for a publicly
traded Fortune 500 company, I have found this book to be an
all-inclusive, highly useful and infor-mative desk reference.
It certainly has been extremely valuable in helping me to
contribute to successful strategic decisions at my
company." (Workspan, 1 January 2013)
"The book can serve as a text for students specializing in
compensation or human resources, or as a reference for
practitioners. He provides worked examples throughout." (Booknews,
1 June 2011)

Produkt-Details

• Erscheint lt. Verlag: 7.2.2011
• Sprache: englisch
• Themenwelt: Mathematik / Informatik ► Mathematik ► Finanz- / Wirtschaftsmathematik
• Themenwelt: Mathematik / Informatik ► Mathematik ► Statistik
• Themenwelt: Mathematik / Informatik ► Mathematik ► Wahrscheinlichkeit / Kombinatorik
• Themenwelt: Technik
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Personalwesen
• Schlagworte: Angew. Wahrscheinlichkeitsrechn. u. Statistik / Modelle • Applied Probability & Statistics - Models • Business & Management • Statistics • Statistik • Training & Development • Training u. Personalentwicklung • Wirtschaft u. Management
• ISBN-10: 0-470-94641-5 / 0470946415
• ISBN-13: 978-0-470-94641-1 / 9780470946411