It's better, but still not great. You're still limited by having enough money to be able to buy shares. The people with more disposable income have a greater opportunity to benefit, while those with less may not be able to afford it at all.

Even the lowliest employee with the lowest pay should still have an opportunity to benefit from their labour.

This is a common setup companies use as a financial incentive. However, the vast majority of companies maintain a board or president with a controlling majority. Employees may get some returns on their shares but they do not have control over the company.