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Paying Employees Fairly: Examining Compensation Systems for Internal Equity
Friday, March 15, 2013 from 1:00 PM to 2:30 PM (EDT)
Do you pay your employees fairly? How do you know?
The last three years have brought major changes in the legal and regulatory environment regarding compensation discrimination, and there are even more changes on the horizon. These changes affect the policies and procedures employers need to have in place to combat pay discrimination. The compensation review is a valuable tool in the employer's risk management arsenal, yet few organziations put this tool to use. Employers can no longer afford to ignore this important tool.
In this presentation, we discuss how employers can manage the risk of pay discrimination claims by conducting a compensation review. Each stage of the compensation review is discussed, from the planning stage through the application of analysis inferences to business processes. Common pitfalls and data issues are discussed, and the importance of proper grouping of employees for comparison purposes is emphasized. Concrete examples drawn from real-life situations are used to illustrate each step in the review process and to highlight the effects of common pitfalls.
Areas covered inlude:
- Recent changes in compensation discrimination laws and regulations;
- Compensation challenges presented by the evolving legal and regulatory environment;
- How a compensation review can assist in mitigating the risk of a compenstion discrimination lawsuit;
- Successfully planning the compensation review project;
- Types of compensation that can be examined by a review;
- Construction of similarly situated employee groupings;
- Identification of the determinants of compensation;
- Pay data collection, assembly and cleaning;
- Common compensation data pitfalls;
- The use of multiple regression analysis to examine compensation for internal equity;
- Evaluation of analysis results in terms of statistical significance, practical significance, sample size and explanatory power of the model;
- Follow up investigations of potential problem areas identified in the analysis;
- Making adjustments to compensation based on analysis results;
- The importance of compensation decision documentation.
This program has been approved for 1.5 (General) recertification credit hours toward PHR, SPHR and GPHR recertification through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program. It means that this program has met the HR Certification Institute's criteria to be pre-approved for recertificaion credit.
About Your Presenter: Stephanie R. Thomas, Ph.D., is the CEO of Thomas Econometrics Inc. She is a noted authority on compensation gender equity and the quantitative analysis of discrimination. Dr. Thomas provides consulting services to Fortune 500 companies, major law firms, and government agencies such as the Department of Justice and the FBI. She has testified as an economic and statistical expert on questions of discrimination in employment decisions in federal and state courts throughout the United States.
Thomas Econometrics Inc.
Thomas Econometrics Inc. is a recognized leader in statistical and economic consulting. We provide objective and independent analysis for risk assessment, litigation and regulatory compliance. Learn more about our services at www.thomasecon.com.