The economic rationale of employee share ownership

In the theoretical model of salaried employment, all corporate risk is borne by the "capitalists" (shareholders), and they fully insure the employees against corporate risks. In this model, the employees keep their jobs and a stable wage throughout economic cycles, and the capitalists receive a fluctuating capital income. But in reality, a significant part of corporate risk is borne by the employees: during recessions, wages slow down and there are layoffs. If the employees de facto bear part of the corporate risk, they should receive part of the capital income. The most logical solution is that they are shareholders in their company, which would enable them to benefit from the high return on equity in periods of growth, a normal compensation for the fact that they bear some of the corporate risk.