To Establish fair wages the following standards should be considered KSAs( Knowledge, Skills, abilities), education , experience, Size of the company, Productivity etc..,
Yes, the standards for executives are different from those for hourly workers. The executives are the permanent employes of the company and they are payed high wages because the executives manages and supervises the workers. Therefore, the executives are not allowed to pay hourly wages. Beside, the workers who worked as a contract for a company are allowed to pay the hourly wages.
Note:- Permanent employees of the company are not paid in hourly basis , while workers who are not permanent employee are allowed to pay for hourly basis.
The factors that someone deserves for pay depends on Supply and demand of the service, talent, Education, Experience , knowledge,Skills etc.
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