Fundamental Compensation Metrics: Get the Basics on Gathering and Calculating Data to Pay Employees Appropriately

Compensation metrics are intrinsic to the smooth operation of your company. If you're looking to improve your compensation program, it's essential to evaluate the base pay metrics within your organization. These metrics should align closely with your current business issues to ensure your compensation strategy supports overall organizational goals. Without properly analyzing your data, you risk missing key opportunities to optimize your strategy in alignment with your broader compensation philosophy.

There are many types of internal and external compensation metrics that can be used to strengthen your overall compensation approach, including compa-ratios and salary range penetration. It’s equally important to evaluate various contributing factors such as annual payroll, average hourly rate, and total number of employees. Compensation metrics go beyond simple comparisons with competitors — they provide meaningful insights when based on solid industry data and clearly communicated to employees. When executed effectively, this can have a positive impact on your company’s bottom line.

• Learn the most useful compensation metrics for managing your organization’s compensation plan
• Understand common compensation terminology and how to use it in analytics
• Identify and apply the most commonly used metrics, and how to interpret them
• Learn how to calculate salary range penetration and understand its relationship to compa-ratios
• Discover how linear regression can be used effectively in compensation planning
• Review how employee compensation within a salary range helps assess if ranges are too wide or narrow
• Explore best practices for determining if you're paying at, above, or below your market target
• Ask the right questions about your compensation philosophy once your data is gathered

Gain the knowledge and tools needed to evaluate, align, and improve your compensation strategy based on reliable metrics. This webinar is a must-attend for professionals seeking to build a more strategic, data-driven approach to compensation management.