Chobani Founder, Hamdi Ulukaya, once said: “There are a lot of important things in business, but the people portion comes first.” Since his founding of the company in 2005, not only has Chobani’s value soared, but through its people-first approach, it has made a real difference to people’s lives.

Along the way, the company has committed to pay a decent starting wage, offered paid parental leave, ensured pay equity and offered employees a shareholding in the company when it eventually goes public or is sold.

“Just about anyone can make a good product, but it’s the people that count,” he explains. “In the end, it’s the employees who will take it from a kitchen table idea to the next level.”

Ulukaya has also made great efforts to integrate refugees into society by providing them with employment at Chobani – a mission that is now the subject of a documentary entitled Moving Humanity Forward.

“We must put social issues, our community, our people, in the center,” he says in the film. “And let profit come after. And it will come.”

It’s a belief that is discussed in depth by entrepreneur Dale Partridge in his 2015 book People over Profit. “Generosity is less like an arrow and more like a boomerang; it comes back to you,” he advises.

His seven core beliefs aim to revolutionize companies by harnessing concepts such as truth, authenticity, transparency and generosity – a departure from the more traditional greed-based model.

Hospitality entrepreneur Michel Falcon doubled down on the message in 2018, sharing lessons he had learned building his own successful restaurant portfolio in his book People-First Culture, which centered around core values of celebration, ownership, foresight, integrity and humility.

“The economics of my business are very important, but building relationships with my employees, my customers and the community matters more to me,” he asserts.

What started out as something of a novelty has gradually gathered momentum. Both books quickly became bestsellers. And while companies like Intrepid Travel and Marriott International have been prioritizing their people since the get-go, others have since climbed on board.

The number of companies with B Corp Certification – a marker of corporate responsibility among companies – also rose. At the start of 2022, there were more than 4,500 B Corp Certified companies and organizations across 79 countries and over 150 industries.

The wild uncertainty of the pandemic further fueled the shift. “The challenges of the pandemic, as well as the growing push for more diverse, inclusive and mentally healthy workplaces, have underscored the importance of connection, empathy, trust and psychological safety at work,” Stuart Taylor, the Co-Founder and CEO of workplace resilience and wellbeing consultancy firm Springfox, tells The CEO Magazine.

“Leaders are becoming increasingly aware of the critical need for resilience and wellbeing initiatives, and the ROI that these initiatives deliver when it comes to performance, reputation and long-term sustainability. It’s not about profit – it’s about sustainable profit, by linking people and purpose.”

Prior to the pandemic, burnout was already a spiraling problem in the professional world. But mental illness became yet more prevalent as people were contained within their homes in efforts to stem the spread of the virus.

“These experiences highlighted our shared humanity and vulnerability, and made clear to organizations that in order to survive the challenges of the pandemic, adopting a people-first approach was imperative,” Taylor says.

Then, as the world started to return to normal working conditions, the Great Resignation threw in yet another curveball. The balance of power shifted – suddenly employees were in control and able to make more demands.

“Employees are expecting more from their employers in terms of flexibility, work–life balance and support and compassion,” Taylor points out. “In a tight labor market where talent is harder than ever to attract and retain, organizations are realizing they must either listen and respond to the needs of employees, or risk losing out.”

However, as Intrepid Travel Managing Director ANZ Sarah Clark is quick to point out, it’s a matter of balance. “Profit is not a dirty word,” she stresses. “We need to make a profit to reinvest into purpose activities and our people, so it’s really about striking a balance.

“We firmly believe that profit doesn’t have to come at the expense of supporting our people, helping local communities or protecting the planet.”