I actually wouldn't want to be hourly. The reason is, my work (and that of my employees) is measured by success, by what we do and what we produce - not by how long it takes to do so. Paying by the hour is, in my view, rewarding slowness. My workplace gives me the flexibility to work when/wherever I need to - yesterday for example I took the morning to go to an event at my kids school. Had I been on some 9-5 hourly rate that would have cost me $$$, as it was, no big deal.
I literally Do. Not. Care what hours my staff work, with the exception that if I notice someone overdoing it (which is a temptation for younger engineers) I'm gonna talk to them about it. We agree on the work that's going to get done in advance, and as long as people are pulling their weight it's all good.