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How does it encourage them to hire more employees?
To give a simpler answer, not all profit is income. let's say you own a small company and you earned 100k of profit in a year. If you want to take that 100k as income and pay yourself(the owner), you're going to get taxed pretty high. But instead you could really use a new work truck, so you buy a company truck that goes as a business expense and pay yourself the remaining 50k.
Companies have a lot of options in ways to spend their earnings without it having be taxed as income.
When companies re-invest money in their companies instead of paying taxes they build equity. Of course they need workers. That is how FDR made the US a super power almost overnight. The US was industrialized to the max. Then came along Reagan who allowed them to cash out and send jobs overseas.
Employee pay and other expenses back into the company are considered costs and lower their profits. They only pay taxes on profits so if a company reinvests 100% of its profits it can have a very low tax burden.