And no, the employees would not, in fact, be required to vote everyone equal pay - it is entirely up to them. The difference, however, is that the disparity in pay scales will in all probability not be nearly as disproportionate as they are in today's corporations - of course, there's nothing stopping workers from deciding some key paper pusher really deserves more money in a year than they will earn in several lifetimes, but it will be the workers who are responsible for their choices. Well, it is almost gratifying to see you coming out against democracy. If the king can't get a higher income by accepting bribes, he can simply change the law and make his corruption legal. Democracy allows the removal of such officials and laws - and even if the organizational structure makes such change difficult, in reality there's not much preventing a population in agreement from acting outside existing structures.
Democracy just attempts to formalize such a process.