Response the below in a 700 words:
1. Understanding international compensation begins with the recognition of differences and similarities, along with figuring out how to best manage them. How people get paid around the world depends on variations. There are five contextual factors believed to be relevant in international compensation. Identify and discuss these factors and variations.
2. Identify and describe those classified as special groups in compensation. Discuss the components of an executive compensation package.
3. Pay differences are noted amongst different job classifications within the organization. There are different pay levels and benefits associated within these classifications. What is a contingent worker? Are companies better off hiring contingent workers than hiring regular employees?
Reference:
Milkovich, G. T., Newman, J. M., & Gerhart, B. (2014). Compensation (11th ed.). New York, NY: McGraw-Hill/Irwin