“Profit before people” has become an all-too-familiar mantra, reflecting principles and practices that prioritise financial gain over human wellbeing. This mindset, deeply entrenched in many organisations, has far-reaching implications for society as a whole.
Mental health is one of the casualties of a profit-centric culture. Employees are often overworked and burnt out as they strive to meet ever-increasing productivity targets. The relentless pursuit of profit, albeit meeting shareholders “needs” leaves little room for self-care, resulting in a workforce plagued by stress, anxiety, depression, and other mental health issues. Despite the growth in awareness of the importance of mental health, many companies still prioritise bottom-line results over the health and happiness of their employees and any societal impact.
Gender disparity is another hallmark of profit-driven corporate cultures. While progress has been made in recent decades towards gender equality in the workplace, disparities persist, particularly in industries dominated by the “boys’ club” mentality. Less than 10% of FTSE 250 companies are headed up by women. They are too often overlooked for leadership positions or paid less than their male counterparts, perpetuating a cycle of inequality. The prioritisation of profit over people exacerbates these disparities, as companies prioritise short-term gains over long-term investments in diversity and inclusion.
The parallels between today’s profit-centric culture and the greed culture of the 80s and 90s are striking. During this era, corporate excess and unchecked capitalism ran rampant, culminating in scandals like Enron leading to a global regulation review. Despite the lessons learned and increasing regulation, banks and investment firms found way to circumvent and arguably their appetite for profit caused the global financial credit crisis of 2009 having a profound and lasting impact on the global economy.
So, where do we go from here? As a culture, we must recognise that the pursuit of profit above all else is unsustainable. We need to shift our priorities towards a global approach that values people over profits. This means investing in people, fostering inclusive workplaces, and holding corporations accountable for their community and environmental impact.
Moreover, we must cultivate a culture of empathy and compassion, recognising that our collective survival depends on our ability to prioritise the well-being of all, not just the privileged few. This requires a fundamental shift in mindset, moving away from the zero-sum mentality that pits profit against people and towards a more collaborative and sustainable approach to business.
It’s time to redefine success not in terms of financial gain, but in terms of the survival of our planet and its inhabitants.
Kirsty
