I read about this idea once as a case study. I think it was first tried at a manufacturing company[0] in Brazil where everyone from the CEO down to the packers in the dispatch shed has their salary decided by a consensus employees. It's a 3000 person company with a revenue of $160m now.

[0] https://en.wikipedia.org/wiki/Ricardo_Semler http://www.freibergs.com/resources/articles/leadership/semco... https://hbr.org/1989/09/managing-without-managers