Or instead of this law, we make stock buybacks illegal again. Then, companies flush with profit, have to take better care of the employees they bring on.
Otherwise companies are pressured to spend money just because they happen to have money, even if they don't have anything productive to spend it on. That's not a good thing.
Employees. Spend it on them. Fully pay benefits (actually no, we need to decouple HC from employment, but that's another rant), pensions, raises. etc.