The arbitrators shall conduct the hearings and render their decision on the basis of a prompt, peaceful, and just settlement of wage or hour disputes between the police officers and the city or town by which they are employed. The factors, among others, to be given weight by the arbitrators in arriving at a decision shall include: (1) Comparison of wage rates or hourly conditions of employment of the police department in question with prevailing wage rates or hourly conditions of employment of skilled employees of the building trades and industry in the local operating area involved. (2) Comparison of wage rates or hourly conditions of employment of the police department in question with wage rates or hourly conditions of employment of police departments in cities or towns of comparable size. (3) Interest and welfare of the public. (4) Comparison of peculiarities of employment in regard to other trades or professions, specifically: (i) Hazards of employment; (ii) Physical qualifications; (iii) Educational qualifications; (iv) Mental qualifications; and (v) Job training and skills. (5) Comparison of community’s ability to pay.
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