If it’s not normalized for time worked, then it’s not really pay ratio that represents the value a company sees in an employee, or the economic comfort of that employee. So, what’s it really trying to show?

Some jobs don’t require full time work, like consultation or janitorial services, and these jobs are structured around this, by having multiple clients. Trying to take any direct meaning from these ratios isn’t really possible since another dimension is required for these numbers to have any real use.