Stocks are (in practice, effectively) denominated as fractions of company.

What I am describing is closer to bonds. They are denominated in currency, but still backed by the value of the company.

Bonds (or something equivalent to bonds) are used all the time to pay people. Eg someone who gets paid at the end of the month accrues something like a bond throughout the month. The company owes her more and more of something denominated in currency, not in stocks. At the end of the month, the company redeems that IOU by transferring currency.

Paying people in stocks is much rarer.

Importantly, the base pay of most people from one month to the next is fixed in terms of currency, not in terms of a specific number of stocks.