It looks like excellent solution for startup: just pay 100% of startup profit to workers by giving them 100% of shares, so they will self-insure themselves and be OK when startup will fail.

That almost guarantees that fewer companies will be started, since your model removes incentive for people to benefit from starting companies.

The socialist solution is actually centralized planning over multiple industry sectors. The workers would be paid profits from a huge, diversified conglomerate, mot merely the one industry sector that they happened to be working in. Of course, this leads to all the known drawbacks of central planning.