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Pay Survey Practices - Part II. Measuring Pay Data Distributions: Normal - Bell shaped curve - rarely appropriate Non-Normal - pay data is unevenly distributed; more typical of pay data collected from surveys Measures of Central Tendency used to report Pay

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pay survey practices part ii
Pay Survey Practices - Part II

Measuring Pay Data

  • Distributions:
    • Normal - Bell shaped curve - rarely appropriate
    • Non-Normal - pay data is unevenly distributed; more typical of pay data collected from surveys
  • Measures of Central Tendency used to report Pay
    • Median - the middle value of an ordered sequence of data
    • Mean - sum of data divided by numberof observations
      • Unweighted - each company is an observation
      • Weighted - each employee is an observation

MGMT 4030 - Managing Employee Reward Systems

pay survey practices part ii2
Pay Survey Practices - Part II
  • Measures of Variation used to Report Pay
    • Range of Pay Data
      • Minumum, Maximum, Midpoint
      • Quartertile - 1st , 2nd (above midpoint); 3rd, 4th (below )
    • Standard Deviation - distance of data from mean in a normal distribution.
  • Typical Market positions
    • Lead the market
    • Lag the Market
    • Match the Market

MGMT 4030 - Managing Employee Reward Systems

pay practices part ii gomez mejia balkin 1992
Pay Practices - Part II(Gomez-Mejia & Balkin, 1992)

Recommended Pay Survey Practices

  • Relevance
  • Match on Job Descriptions (not Titles)
  • Consistent Use of Same Statistical Measures
  • Keep Pay Data Current
  • Monitor Effectiveness Using HR Benchmarks

MGMT 4030 - Managing Employee Reward Systems

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