Answer the following within a word limit of 500 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. The five contextual factors believed to be relevant in international compensation are
a. Base salary,
b. benefits,
c. Perks,
d. Short-term bonus, and
e. long-term incentives. Identify and discuss these factors and variations.
2. Compare and contrast global workers, expatriates, local nationals, and third-country nationals. What impact, if any, do they have on international pay systems? Explain.
Reference: Milkovich, G. T., Newman, J. M., & Gerhart, B. (2014). Compensation (11th ed.). New York, NY: McGraw-Hill/Irwin