So how do the workers run the company? A vote on every little decision? If not, you have to still have a CEO, for whom it is now far more profitable to make decisions that profit them rather than the company. And even if you vote on every decision, could most workers really understand what they are voting for.
Also, what about layoffs? While everyone loves to hate layoffs, they are part of keeping peoples work productive. Are the workers going to vote/approve them?