Compensation Metrics: Gathering and Calculating Data to Pay Employees Equitably

Compensation metrics are intrinsic to the smooth operation of your organization. If you're looking to improve your compensation programs and to pay your employees equitably, it is important to analyze essential pay metrics. Moreover, pay metrics are used to optimize your cash reward strategies and to ensure an aligned fit with your compensation strategy. In this session, you will learn to calculate and use the critical compensation metrics essential to your compensation programs, including compa-ratio, salary range penetration, compensation percentiles, as well as linear regression and standard deviation, and more. Comp metrics consist of more than comparing how your salaries stack up against the competition. They are also used to ensure the crucial objective of achieving pay equity throughout your organization. The more you can base your pay programs on solid industry and reward metrics, the better you'll be able to motivate your workforce and contribute to your organization's success

Learning Outcome 1: The most useful compensation metrics for managing your organization's compensation programs, such as, compa-ratio, salary range penetration, measures of central tendency, and compensation percentiles.

Learning Outcome 2: Practical compensation and pay equity applications using linear regression and standard deviation, and related real-life examples.

Learning Outcome 3: Key questions you should be asking about your pay practices and overall compensation philosophy once you've gathered and calculated your data.