I like the concept, but do have a few improvements to offer in my point of view. I think that everyone in the same job family should be paid the same in order to solve the problem of seniority and status to no longer have an impact.
This is because an administrative assistant should not be paid the same as an engineer or manager. Not because they are smarter or more important, but that they have a higher quality education that costs a lot more. Else you will have people skipping college and applying for data entry jobs or people tracking inventory in a warehouse environment.
Not to say any of these positions are not fulfilling and honorable, but that there are people in the company who simply have a more valuable affect on the company that will always translate to dollars, reputation, viability, etc.
Again, not to say that certain people are insignificant in any way, but that there are more valuable assets in the company that happen to usually make more money. Thoughts?