No, it doesn't. It means not privileging profits at the expense of people. It's possible to have profit as a goal without hurting people (in this fashion).
You need to be specific. Injuries? Stress? Responsibility? Overtime? General drudgery? People are paid a salary to do something they wouldn't do otherwise. There is always a downside. Laws exist to limit certain downsides, eg undue physical stress, sexual exploitation or too high a risk of injuries. If that was the actual policy goal, you would not say “We cannot allow corporations to put profit over people”, you would be mentioning a specific downside. Doing otherwise would be dishonest sloganeering.