Reference no: EM131333235
Assignment: Quantitative Reasoning in Action
Short Essay
Salary distribution among the company's employees is bimodal, with most employees earning a salary of between $31,000 to $40,000 or $51,000 to $60,000. It is bimodal since salary distribution do not follow a single pattern. Average salary for the company's employees is $53,115, with an average hourly rate of $26. On average, employees serve in the company for a period of 7 years with the average age of employees being 35 years. Based on the analysis, the standard deviation of employees' salary is 21,711.9 which is a significant deviation from the mean salary which is $53,115. This shows the high rate of disparity between lowest paid employees and highest paid employees. The same is reflected in the standard deviation of hourly rate, which stands at 10, a huge deviation from mean hourly rate of payment which is $26. It is usually important to ensure the deviation from the mean is not so huge since it can lead to organizational conflicts and reduced employee morale due to unfair treatment with regard to salaries and remuneration. Good human resources practices should be adopted to ensure effective formulation of compensations and benefits packages to address the need of each and every employee of the company.
There is also a significantly big range between the highest and lowest paid employee, with the highest employee getting a salary of $200,210, while the lowest only tales home $15,182 per year. The total expenditures in terms of salaries and benefits amounts to $19,758,742. To investigate further to determine whether my results could be perceived as good or bad for the company, I would compare the company's revenues with its expenditures. This would help in determining the firm's profitability thus helping in making inferences where it is heading in the right direction or not.
In terms of racial composition of the company's employees, Caucasians lead with an approximately 90% of the organization's workforce being Caucasian. African Americans follow which a percentage of 38.25% of the overall employee population. Hispanics and Asians follow respectively with a percentage of 9.96 and 9.56. With regard to gender, male employees dominate the organization's workforce with approximately 80% of the total employee population being male. The level of education of the company's employees is slightly below with majority of employees' highest level of education being high school, accounting for 57% of the total employee population. Employees with Bachelor's degree account for 25% of the total population and those with Master's degree account for only 7.26% of the total workforce. I think the company has done less with regard to workforce diversity. Racial composition as well as the composition of gender within the company's workforce indicate lack of workforce diversity.
The histogram is bimodal. We have two data peaks with frequencies of 76 and 75 respectively which makes the histogram bimodal. This implies that there are two different groups of employees in the organization with two sets of salaries. Based on the computation, projected percentage growth for next year would be 64%. The average growth rate with regard to sales is $2,364,529.41 which means that it is projected that the company's sales would grow by a rate of 64% since its current sales revenue is $3,702,000.
Attachment:- balson_workforce_composition_analysis_semester_year_3.xlsx
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