Nobody is going to be compensated less. The "extra" compensation they received before was simply a consequence of the fact that Amazon stock quadrupled in the last three years.

So if previously they got $14 + 0.50 in shares their total comp ended up being $16. But they still got paid less than somebody who was paid $15 in cash straight up (who could have then purchased AMZN on the market).

I think OP meant that it will hopefully cause other employers to follow lead and raise wages (e.g. fast food, other retailers, etc).