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20 views

Project Report

Uploaded by

Nikhil Nagar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Indian Insititute of Information Technology Raichur

salary prediction

Independent Project
(Course Code: ID151)
By

Nikhil Nagar
Roll No : AD23B1035
TABLE OF CONTENT: -
1) Introduction
2) Objectives
3) Tools and Technologies Used
4) Features and Functionality
5)Future Enhancements
6)Challenges Faced
7)data visualization
8)Conclusion

Introduction
The Salary Prediction Project aims to leverage the power of
machine learning to provide reliable estimates of salaries based
on a comprehensive set of factors. By incorporating variables
such as skills, country of employment, experience level, and
educational background, this project endeavors to offer valuable
insights into the intricate dynamics influencing salary
determinations across various industries and geographic regions.

For job seekers, having a clear understanding of their expected


salary enables informed negotiations, career planning, and overall
financial stability. On the other hand, employers benefit from
accurate salary predictions by ensuring fair compensation
practices, attracting top talent, and optimizing budget allocations
for human resources.

 Objectives

The primary objective of this project is to develop a robust machine learning


model capable of accurately predicting salaries based on multiple factors. By
analyzing a diverse range of features including skills, country, experience,
and education, the model aims to provide actionable insights into salary
trends and patterns within specific job markets.

Job Seekers: Job seekers can benefit from the insights generated by the
salary prediction model to make informed decisions about their career paths.
By having access to accurate salary estimates based on factors such as
skills, experience, and education, job seekers can negotiate better
compensation packages and plan their career progression more effectively.

Employers: Employers can use the predictive model to ensure fair and
competitive compensation practices within their organizations. By
understanding the factors that influence salary outcomes, employers can
optimize salary structures, attract top talent, and retain valuable employees.

HR Professionals: Human resources professionals can leverage the


predictive model to streamline recruitment and hiring processes. By
accurately predicting salaries for different job roles, HR professionals can set
realistic salary expectations

Tools and methods Used:


Programming Language: Python
Libraries:
pandas: Data manipulation and analysis (used for loading CSV
data, cleaning, and creating dataframes)
numpy: Numerical computations (used for mathematical
operations and array manipulations)
scikit-learn: Machine learning algorithms
LabelEncoder: Converts categorical features into numerical labels
for machine learning algorithms.
train_test_split: Splits the data into training and testing sets for
model training and evaluation.
RandomForestRegressor: Ensemble learning method that
averages predictions from multiple decision trees for improved
accuracy and robustness.
DecisionTreeRegressor: Tree-based model that makes predictions
by following a series of decision rules based on feature values.
LinearRegression: Creates a linear relationship between features
and the target variable (salary) for prediction.
GridSearchCV: Performs an exhaustive grid search over a
specified parameter space to find the optimal hyperparameters
for the chosen model.
XGBRegressor: Gradient boosting algorithm that combines
multiple weak decision trees into a strong learner for improved
prediction performance.
mean_squared_error: Calculates the average squared difference
between predicted and actual values, used to evaluate model
performance.
matplotlib: Data visualization library for creating plots and charts.
pickle: Allows saving and loading the trained model and encoders
for future use.

4. Literature Review
Salary prediction is a well-established field within machine
learning and human resources. Numerous studies have explored
various algorithms and feature sets to achieve accurate salary
estimations. Common approaches include:
Linear Regression: This is a simple and interpretable model that
establishes a linear relationship between features (e.g.,
experience, education) and salary. However, it may not capture
complex non-linear relationships present in real-world data.
Decision Trees and Random Forests: These algorithms build tree-
like structures where each node represents a decision rule based
on a specific feature. Random forests combine predictions from
multiple decision trees, leading to improved accuracy and
reduced overfitting.
Gradient Boosting Techniques (XGBoost): These algorithms
iteratively build an ensemble of models, where each model learns
to improve upon the errors of the previous one. XGBoost is a
popular choice for salary prediction due to its ability to handle
complex relationships and high performance.
The choice of algorithm depends on the specific dataset, desired
model interpretability, and computational resources available .

5. Features and Functionality


Data Preprocessing:
Data Loading: The code utilizes the pandas.read_csv function to
load the salary dataset from a CSV file.
Data Cleaning: This step might involve removing irrelevant
columns or rows with missing values, handling inconsistencies in
formatting (e.g., removing currency symbols from salary entries
using regular expressions as demonstrated in the code).
Techniques like imputation or removing rows with too many
missing values might be considered depending on the data
quality.
Label Encoding: Categorical features like job title, skills,
country, and education are converted into numerical labels using
LabelEncoder from scikit-learn. This allows machine learning
algorithms to handle these features effectively.
Model Training and Evaluation:
1)Training-Testing Split: The dataset is divided into two sets using
train_test_split. The training set (typically 70-80% of the data) is used to train
the model, and the testing set (remaining 20-30%) is used to evaluate its
performance on unseen data.

2)Model Selection and Hyperparameter Tuning: Multiple


machine learning algorithms (Random Forest, Decision Tree, XGBoost, Linear
Regression) are trained and evaluated on the training set. GridSearchCV can
be used to explore different hyperparameter combinations for each
algorithm to find the best performing configuration. Metrics like RMSE (Root
Mean Squared Error) are used to compare model performance. The model
with the lowest RMSE on the testing set is chosen as the final prediction
model

3) Model Training: The chosen model (e.g., XGBoost) is trained on


the entire training set using the optimized hyperparameters.

4 )Model Evaluation:
The trained model is evaluated on the testing set.

The code calculates RMSE using mean_squared_error from scikit-learn to


assess the difference between predicted and actual salaries.

Additionally, data visualization techniques using matplotlib can be employed


to create scatter plots comparing predicted vs. actual salaries. This helps
identify potential biases or outliers in the model's predictions.

Prediction:
 Saving the Model and Encoders: The trained model and label encoders are saved using
pickle for future use. This allows you to avoid retraining the model on the entire dataset every
time a new prediction is needed.
 Loading Saved Model and Encoders: When a new salary prediction is required, the saved
model and encoders are loaded using pickle.
 Preprocessing New Data: New data points with features like job title, skills, experience,
education, and country are prepared by performing similar pre-processing steps as during
training (e.g., encoding categorical features using the loaded encoders).
 Making Predictions: The preprocessed new data point is fed to the loaded model, and the
model predicts the corresponding salary
6. Future Enhancements

Feature Engineering Exploration: Explore more advanced feature


engineering techniques, such as one-hot encoding for categorical features or
feature scaling for numerical features, to potentially improve model
performance.

Data Augmentation: If the dataset is limited, consider data augmentation


techniques (e.g., generating synthetic data points) to increase the amount of
training data and potentially improve model generalizability.

Hyperparameter Tuning Optimization: Experiment with different


hyperparameter tuning techniques beyond GridSearchCV, such as
RandomizedSearchCV or Bayesian optimization, to potentially find even
better hyperparameter configurations.

Additional Features: Consider in5b corporating additional features that


capture more comprehensive information about job roles (e.g., company
size, industry, required certifications) if relevant data is available .

7. Data Visualization

8. Conclusion
The developed salary prediction model demonstrates the power
of machine learning in estimating salaries based on job-related
information. While the model has limitations (e.g., may not
capture all factors influencing salary), it can be a valuable tool for
both individuals and organizations. By incorporating future
enhancements and data visualization, the model's accuracy and
usefulness can be further improved.

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