In a libsoc system, stuff like wages, workers rights etc. are determined by the workers themselves rather than a centralised government. They could even appoint representatives to enable this on a larger scale, but it's always done in the interests of the workers. I personally think this may not work very well unless it was a long term goal, hence my desire to keep a government in place to ensure a democratic system and to help enforce standards in workers rights etc.
They would also all share part of what company they're working for - there would be no "boss" so to speak hence the co-op aspect, meaning they all get a direct say and slice of whatever the company makes in terms of money. It's basically democracy down to an industrial level.
Worker co-ops already exist and have been fairly successful so far (see
https://en.wikipedia.org/wiki/Mondragon_Corporation). They're much less likely to go bankrupt/close down, more resilient to economic problems and income can be on average higher. Pay inequality is much lower too.