The best job I’ve ever had (most satisfying and interesting, and also good compensation) was a company where everyone in the digital department (a mix of about 150 engineers, QA, designers) were given the same fixed salary.
Additionally, people were pretty much free to set their own work hours (I worked with a great designer who typically left at 4pm, but was never an issue because he always did what was needed - and often went above).
The only possible downside I can think of is that we didn’t really hire a lot of young people (no graduates) so potential for stagnation of ideas (??) however I never saw that have a noticeable effect, and actually at the time the company was quite progressive in its approach to technology.
Our highest ‘executive’ was an interesting mix of someone who could understand and communicate to business, technology and design people.
I’ve often wondered what the secret sauce to this culture was, and how to replicate it...