They share some risk in the form of correlations to the actual risk to their employment contracts. But employees who are fired during downturns walk away with a

They share some risk in the form of correlations to the actual risk to their employment contracts. But employees who are fired during downturns walk away with all of their human capital and most of their future earning potential (minus what the firing signals in their CV), while the downturn chips away at the firm's capital. Let me put this another way: no one is really entitled to a job; not in the way their entitled to their properties, which have a _title to their name_. Capital, on the other hand, risks its very entitlement. Employees don't have any assets seized during a downturn. If they wanted to share in the risk and return, they could have bought stock.