Please write an abstract for this:

External payment structure refers to the comparison between different organizations employees' payments. Some organizations pay higher salaries to their workers compared to other companies. Compensation systems and pay should be externally fair that bring many benefits to the employees and the company. The external fair pay structure is able to create competition with other companies in order to obtain more qualified employees. With higher-paying companies, employees are more likely to stay working for that company long-term, and higher paid employees tend to be more motivated to perform. The external fair pay system is important to a company because it boosts the morale of the employees and increases performance, honesty, and tenure within the organization. External equity guarantees that work is compensated fairly in comparison to similar work in the labor market ("4 steps to address internal and external pay inequity," 2020).

It is necessary to make the internal pay system fair because it is a strategic benefit for the company. In this case, Nathan believed that For the fast-casual food industry, you are dependent on your people. If you dont treat your people well, they wont treaty your customers well. If you dont treat your customers well, you have no business (Snell & Morris, 2018, p. 353). This is an example of how important internal pay systems are. The system needs to be fair to all employees. It is the responsibility of managers and the owners to take care of their employees and make sure the employees are satisfied with their compensation. An organization relies heavily on their employees to carry out the companys work and operations. In addition, the customers will benefit from excellent customer service from employees who are being paid fairly for their services. For this reason, companies may introduce incentive plans and better employee services. Costa Vidas objective is to bring the freshly made local cuisine with the vibrant lifestyle to the United States (Snell & Morris, 2018, p. 352). The owner of the company noted that a strong benchmark for their compensation strategy has been In-N-Out Burger. Costa Vida's objectives should be to attract and retain high-quality employees. The company can achieve this by offering competitive salaries and benefits and providing opportunities for career growth. Incentives can also be offered for employees who meet or exceed performance goals. Offering competitive salaries and benefits will help Costa Vida to attract quality employees. The company should research the going rates for similar positions in the market and offer salaries that are comparable or slightly higher. In addition, Costa Vida should offer a comprehensive benefits package that includes health insurance, retirement savings plans, and paid time off. Career growth opportunities are also important for attracting and retaining high-quality employees. Costa Vida should offer opportunities for employees to develop their skills and knowledge, and advance in their careers. This can be done through training and development programs, as well as by offering promotions and other career advancement opportunities. Incentives can also be used to attract and retain high-quality employees. Costa Vida could offer bonuses or other financial incentives for employees who meet or exceed performance goals. This would provide an incentive for employees to work hard and achieve results. In addition, Costa Vida could offer non-financial incentives, such as flexible work schedules or extra vacation days, for employees who meet or exceed performance goals. By offering competitive salaries and benefits, providing opportunities for career growth, and offering incentives for employees who meet or exceed performance goals, Costa Vida can attract and retain high-quality employees. This will help the company to achieve its objectives.

The standard salary system considers revenue, tenure, salary, etc. compared to similar positions. Minimum and maximum salaries in the structure should be created. The value of all positions in the company first needs to be determined. It is helpful to look at market prices and what other companies are paying for the similar job. It is also important to consider the companys competitiveness. The companys competitiveness is the total salary level compared to the market average ("Competitive pay: What it means and how to get it," 2022). The pay mix should include the following benefits other than the salary, such as: paid vacations, free meals, medical and dental insurance coverage.

Nathan can communicate a new compensation strategy to his franchisee owners and managers by providing a written document of the new compensation strategy with details. A meeting with the stakeholders should be held in order to build a better understanding of the strategy, and where any questions or concerns can be raised. It would also be beneficial to compare the competitor firms strategy with features of the new strategy so it can help manager understand the future opportunities or barriers.

In the short term, Costa Vida will be able to generate lower profit margins up front by paying higher wages to the employees. In the long run, Costa Vidas compensation strategy can help it to lower its turnover and have more committed employees (Snell & Morris, 2018, p. 353).