Alma describes the condition of those who follow Satan. First, he notes that we must receive "wages" of the one who we follow. He has indicated that there are only two choices, to follow Christ or Satan, and that we will receive "wages" of him whom we follow.
In this case, Alma is only concerned with the "wages" pertaining to one who follows Satan. It is not that he does not care about the excellent wages of one who follows the Savior, for he clearly understands those wages from personal experience after his conversion.
The reason for emphasizing the wages of evil is that this entire sermon is designed to create a change in his congregation that eliminates the specific evils that are plaguing his city and nation. He emphasized the negative aspect to call to repentance. For those who are already receiving wages of the Savior, they have the greatest reward and are in no need of change.
The idea that the "wages of sin" would be "death" clearly echoes the Pauline language in Romans:
Rom. 6:23 For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.
In spite of the clear similarity, the contextual meaning is very different. In Paul's case he contrasts death in sin with life through Christ. This is very certainly a reference to a final judgment and the eventual state of the soul. In Alma's case the effects of the "wages of sin" is a more immediate spiritual death. For Alma, following Satan leads to a "death" of good works. In the context of his particular sermon, Alma's meaning is quite immediate. Alma is not after an eventual change, but rather an immediate one. He wants the actions that should follow believing in Christ to begin right now. Since his social problem is clearly present, the solution must also be found in the present, not some future life.