I don't know how workable it would be, but I always liked the idea of management's base pay being the average of everyone that worked for them. Any bonuses would have to be a multiple of that base pay; to include stock.

This would ensure that the base salary only goes up if the average wage goes up and clearly define the bonuses. At least for those where the bonuses are published; I'm thinking SEC filings and the like.

In practice it probably wouldn't change much though.