Looking to Benchmark Pay?
COMPARISONS
Now that you've refreshed your knowledge regarding basic math operations and types of measurements, we'll look at how you can use these skills to make comparisons used in salary and benefit planning.
We'll look at the following important tools in your Human Resources quantitative analyses:
- percentages
- equations
- survey populations
- histograms
- percentiles
- graphs
- sampling
- ranges
Percentages
Percentages are the most commonly used form of fractions. Computed in 100ths, they allow a representation of a fraction in terms of 100's or "cents" (from the Latin). Percentages give you a basis for making comparisons.
Percentiles
Percentiles are arbitrarily selected units determined by dividing a whole into a distribution of 100 equal parts or "quantiles."
A percentile distribution is based on the number of observations constituting a given percentage of the total number of observations in the distribution, irrespective of category. Percentiles are frequently used to determine what proportion of the distribution falls below a given level.