The arbitrators shall conduct the hearings and render their decision upon the basis of a prompt, peaceful, and just settlement of wage or hour disputes between the correctional officers and the state. 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 correctional officers with prevailing wage rates or hourly conditions of employment of skilled employees of the building trades and industry in the state;
(2) Comparison of wage rates or hourly conditions of employment of the correctional officers with wage rates or hourly conditions of employment of correctional officers in other states;
(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) Consideration of state’s ability to pay.