The mediators shall conduct the hearing and render their decision upon the basis of a prompt, peaceful, and just settlement of wage or hour disputes between the firefighters and the corporate authority. The factors, among others, to be given weight by the mediators in arriving at a decision shall include:

(1) A comparison of wages or hourly conditions of employment of the fire department in question with wage rates or hourly conditions of employment of fire departments in municipalities of comparable size;

(2) The interest and welfare of the public; and

(3) A comparison of the peculiarities of fire-fighting employment in regard to other trades or professions, specifically:

(A) The hazards of employment;

(B) The physical qualifications;

(C) The educational qualifications;

(D) The mental qualifications; and

(E) The job training and skills.