To find the constant of proportionality, we need to determine how much Sarah earns per hour. Since we know she earns $320 for 40 hours of work, we can use the formula:
\[ \text{Earnings per hour} = \frac{\text{Total Earnings}}{\text{Total Hours Worked}} \]
Substituting in the values:
\[ \text{Earnings per hour} = \frac{320}{40} = 8 \]
So, Sarah earns $8 per hour.
Thus, the constant of proportionality is:
\[ \boxed{8.00} \]