Why don't all employees who work in a company get to own a percentage of the company?

Why can't we live in a system where those who work in a company own equity in the company, so that if 100% of production is based on labor, employees take full ownership of the factory?

Wouldn't that be a lot more fair?

Rather than these poor people working their butts off for an hourly wage?
Update: Employees should be automatic shareholders, not wage earners.
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