Sure, but by restricting ownership of companies to workers only, you've obviously made the market
less free. If a worker wants to sell their share of the company to anyone else, that's forbidden, right? So workers can't diversify their risks away from their particular industry.
Which also doesn't prevent inequality. If software engineers own Google, and baristas own Starbucks, what with Google being way more profitable, the software engineers will still be much richer than the baristas.
Free markets with a tax funded social safety net seems like a much more efficient way of reducing inequality to me.