This works, but imagine how easily a billionaire could bribe a lions share of employee fractional owners / voters to do whatever they want to a corp org structure.
Sure, distributing CEO pay to workers is a great idea.
No layoffs? The rapacious capitalist billionaire overlords do not like this. In this neoclassical economy, the worker must be miserable at all costs.
Don't forget, serving the desires of consumers is passe too. The billionaire overlords understand that the workers are consumers too. If the goods please them they will be less miserable!