Title: Current Trends in Compensation and Key Design Elements,

Presented by Dave Smith, Vice President of Compensation Services, The Employers’ Association

In the last 24 months the talent market has become the most competitive in history. Nearly all organizations are evaluating wage structures and implementing increases.  However, 8% inflation doesn’t automatically equal 8% raises across the board. For decision makers, understanding the external factors and internal organization considerations which influence wages is crucial.

Ensuring your organization has a well-designed compensation plan is foundational to attaining key business objectives. While most employees don’t leave solely for more money, having a structure that is fair and legal, based on good data, that can be understood, and which aligns with organizational objectives, is essential for attracting and retaining employees at all levels.

Participants will:

• Gain an understanding of current trends and factors influencing wages
• Review the essential elements to creating or updating a compensation plan
• Learn strategies for gaining support and involvement from Leadership
• Identify key factors to include in employee communication plans

Speaker Bio

David Smith, CAE, Vice President, Compensation Services

Dave joined The Employers’ Association as Director of Research in 1989 and was appointed President in 1992. Prior to joining The Association, Dave was responsible for Union Relations, Compensation, and Safety/Environmental Compliance for a local furniture manufacturer. His previous experience includes Human Resource Management, Technical Recruiting, and Operations Management. He transitioned from the role of President in late 2018 and now handles all Compensation Administration and Performance Management activities at TEA.

Dave has developed and implemented more than 700 Compensation Administration Programs throughout the country.  

Dave has worked across many industries, providing services like executive coaching and mentoring, strategic planning, and compensation structure evaluation and design. He is a regular contributor to TEA’s newsletter, maintains his blog (Dave’s Deliberations) and has published a book about Leadership (Pathways and Passages to Leadership).

As an active community volunteer, Dave serves on numerous Boards and Committees seeking to make West Michigan a better place to live and work.

Dave graduated from Hope College with dual majors in Chemistry and Psychology then took further studies in Pharmaceutical Chemistry and Law.  A writer in his spare time, Dave has been featured in several editions of the anthology “Best Poets in America”.