External equity is one of two organizing concepts (along with internal equity/internal consistency )

used to define the structure and form of a traditional jobbased pay system. External competitiveness
refers to the pay rates of an organization's jobs in relation to its competitors' pay rates.

http://business.uni.edu/mitra/chap07.pdf
http://business.uni.edu/mitra/chap08.pdf
https://www.opm.gov/policy-data-oversight/performance-management/reference-materials/moretopics/alternative_pay.pdf
http://business.uni.edu/mitra/chap12.pdf
http://business.uni.edu/mitra/chap13.pdf