Well done. I would just add that since it's Photoshop, and as per IAmSam's last post, there's more than one way to "skin a cat." Also, with a few added moves you can achieve the same vignette/border breaking effect as that original.
As mentioned before get your businesswoman selection isolated to her own layer. Now with the original people layer selected, hit Ctrl+T (Command +T on Mac), find a corner and holding shift (to avoid distortion), pull down slightly and shrink it so that they're slightly shorter than she is.
Now go the layer with the businesswoman and using the same command, hold shift and pull up and slightly enlarge her.
Now create a new layer, and name it Red Gradient (honestly you could name this Drunken Taxi Driver if that's what you want, but for the sake of clarity we'll adhere to convention).
Select the Gradient Tool in the tool panel
Double click the gradient in the top right corner of Photoshop
In the Gradient dialog box, double click on the color selector under one end of the gradient. Choose your color in the color picker window.
Now click on the top color selector on top of the other end of the gradient and turn the opacity down to 0%, and Click OK.
Now, still on the gradient layer with that tool still selected, click and drag horizontally from middle/right to left in the gradient layer. This may take a few attempts to get it where you want it. I chose from about the middle and dragged to the far left.
Now, still on the gradient layer, go to the Rectangular Marquee selection tool, and drag a selection around the gradient, leaving off the outside trim.
With that selection still active, go to Select, Inverse. When the selection changes, hit Delete.
With that selection still active, go to the background layer/layer with all of the people, and hit Delete again. Hit Ctrl/Cmd +D to deactivate selection.
Now go to the layer with the businesswoman. Use the Rectangular Marquee selection tool again, and drag a small selection at the bottom that aligns with the bottom of the red layer, going over the part of her that extends beyond its border, and hit delete. Hit Ctrl/Cmd + D to deactivate selection.
Make a new layer, and drag it beneath all of the other layers. Name it Background 1 (or I love Salma Hayek). Select the Paint Can tool, make sure the foreground color is white, and fill the layer with white.
On the original business employee people layer again, choose the eraser tool, and choose brush from the eraser type from the drop down options in the top window. Make the Brush size something like 35 or 40, with a low opacity and flow (like 30%). Carefully delete out the background earpiece of the smaller original businesswoman, taking care to preserve as much of the man as you can. Also, if your selection of the enlarged businesswoman has any excess trim, or halo outlining as mine does around the shoulder, you can go to her layer, and using small eraser brush zoomed in on the trouble area, carefully erase over it.
Back on the red gradient layer, you can use the color dropper to match the lightest pink color in the leftmost area. Now with a largish brush 30-50) and a low opacity, paint back in some of that white space.
Those business people are a bit washed out. You might want to go to the gradient layer, and using the eraser tool with a large brush size like (100 - 150) and a low opacity (20-30), erase softly over them gradually revealing them a bit more, but not too much, leaving some gradient color there.
Now, go to the business people layer again, and select, Filter, Sharpen, Unsharp Mask, and sharpen them up a bit.
Now shift click select all of the layers except for the white background layer, and tap them into a more centered position, making sure the borders look the same.
And that's it. Now you can flatten it, or add text, or drink a tall glass of something hoppy from Belgium. My choice would be the latter. *Cheers*