The special magistrate shall conduct the hearings and render recommended decisions with the objective of achieving a prompt, peaceful, and just settlement of disputes between the public employee organizations and the public employers. The factors, among others, to be given weight by the special magistrate in arriving at a recommended decision shall include:
(1) Comparison of the annual income of employment of the public employees in question with the annual income of employment maintained for the same or similar work of employees exhibiting like or similar skills under the same or similar working conditions in the local operating area involved.
(2) Comparison of the annual income of employment of the public employees in question with the annual income of employment of public employees in similar public employee governmental bodies of comparable size within the state.
(3) The interest and welfare of the public.
(4) Comparison of peculiarities of employment in regard to other trades or professions, specifically with respect to:
(a) Hazards of employment.
(b) Physical qualifications.
(c) Educational qualifications.
(d) Intellectual qualifications.
(e) Job training and skills.
(f) Retirement plans.
(g) Sick leave.
(h) Job security.
(5) Availability of funds.