Consider that in a private company, surpluses are paid out to executives and shareholders. How is that not "inefficient"? Meanwhile, workers are paid a subsiste

Consider that in a private company, surpluses are paid out to executives and shareholders. How is that not "inefficient"? Meanwhile, workers are paid a subsistence wage of however low the company can get away with paying. In a worker-owned, worker-managed business, those surpluses could be spent on higher wages, lower prices, or increasing productivity. Without having to generate profits for investors and shareholders (who contribute no labor to the enterprise), wouldn't that make a firm much more "efficient"?