Hot take: Fines need to start at a minimum of ~4x the estimated damage value/value gotten by the perpetrator, in order to comfortably dissuade companies from breaking the law.
That's generously assuming we know about, investigate, prosecute, convict, and collect on half of every offense that actually occurs.
Realistically, we need a minimum of 10x given the extreme laxity of enforcement in labor laws.
Treble damages are just the cost of doing business.