Using Statistics in Compensation 1 Credit
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For years, Human Resources as a profession has been running to “catch up” with other professions in the adaptation and use of technologies. It's time to change that narrative.
With the emergence of new technologies, compensation management has become one of the chief beneficiaries. Previous versions of compensation management software were centered around goal management and alignment, but they have now progressed to include valuable data analysis features. Expert analysis of this data can benefit enterprise organizations in numerous ways.
In times of fluctuating revenue, controlling costs is crucial to maintaining profitability. Compensation analytics can assist CFOs in making strategic decisions on managing the workforce, which is often the largest expense for many companies. But it's not just about cost control. Good analytics can help managers and HR professionals make better and more equitable decisions, reducing the temptation to rely on "gut instinct." Statistical procedures and predictive analytics reveal the true compensation picture, ensuring that employees are being compensated fairly and without bias.
Pay equity and transparency are also important conversations in today's workplace. Analytics tools enable us to align organizational goals with employee performance, providing employees with a better understanding of the company's objectives and fostering greater satisfaction. People analytics experts are leading the way in using data to make better decisions within the Human Resources function, driving value to the bottom line and increasing employee satisfaction.
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Dr. Chartier is the Principal of HRinfo4u, a human
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Dr.
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PhD in Human Resources. He is a National Member of the Society for Human
Resource Management (SHRM) and is certified by the Human Resource Certification
Institute (HRCI) as a Senior Professional in Human Resources (SPHR) and a
Global Professional in Human Resources (GPHR) as well as a Senior Certified
Professional (SCP) by SHRM.
He is a
member of the faculty at Pace University, where he works with the Continuing and
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teaches in the Masters’ in Public Health Program.
He is the
author of What Law Did You Break Today?
A guide to the federal laws and regulations that employers must comply with.
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HEN
Using stats and metrics in HR is an amazing way to help your firm succeed and Dr. Chartier made it clear for one to understand!
CL
This was a very good webinar. Some of the slides appeared to be a mix of languages. Good content though.
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