No it doesn't (see other people can make completly unqualified statements too).
It reduces the process of choosing directors to a contest of who can make the most empty promises to employees.
Treating low paid workers as interchangeable, disposable resources needs to change and this is a very small step towards giving them a little more control of their situation. It's not perfect but it's better.
It's a far better solution than no option at all. If people make a bad choice they'll just be back to where they started, with people in charge who care little about their welfare.
It's not like all the management will be elected and if a large company can't handle some voices in it's upper management structure that arn't entirely focused on shareholder profit then something else is wrong with that organization.
What I find amusing is that the same people who support this bill are upset that Trump was elected through a democratic process. Many of these supporters would say the democratic process failed the American people. So why would they want to apply the same framework to corporate governance? It seems a bit hypocritical to be honest.
The workers are free to start their own company whenever they want, btw.