If it's worker owned, what happens to the shares when a worker leaves? Do they have to sell? In which case, is the company buying back, or the remaining workers (or is that the same thing?). If that's so, the share behaves less like a regular share, and more like a vested interest that doubles as a layoff package.

Also, is the value of a share that's owned by someone expecting a salary going up when there's a layoff? Since the only people who can buy are internal to the company (which is a very small pool), do you apply the same rules when it comes to valuation? I wouldn't presume its value behaves in the same way as an externally owned shareholder.

The incentive to keep the number of workers low is certainly there, though ; I'm wondering if that's more of an incentive against hiring (which you can see as a healthy thing).