There are two possibilities here: You either select five men and three women or four men and four women, which can be done in
$$\binom{16}{5}\binom{8}{3} + \binom{16}{4}\binom{8}{4} = 372,008$$
ways.
By designating four of the men as the four men you select and three of the women as the three women you select and then selecting an additional person from the $17$ remaining people, you count each selection with five men and three women five times, once for each of the $\binom{5}{4}$ ways you could designate four of those five men as the four men you select, and each selection with four men and four women four times, once for each of the $\binom{4}{3}$ ways you could designate three of the four women as the three women you select. The reason for the errors is that the set of additional people is not disjoint from the set of men (when you select five men and three women) or from the set of women (when you select four men and four women).
To illustrate with five men and three women: Suppose the men are Andrew, Bruce, Charles, David, and Edward and the women are Fiona, Gloria, and Harriet. Your method counts this selection five times.
$$\begin{array}{l l l}
\text{four men} & \text{three women} & \text{additional person}\\ \hline
\text{Andrew, Bruce, Charles, David} & \text{Fiona, Gloria, Harriet} & \text{Edward}\\
\text{Andrew, Bruce, Charles, Edward} & \text{Fiona, Gloria, Harriet} & \text{David}\\
\text{Andrew, Bruce, David, Edward} & \text{Fiona, Gloria, Harriet} & \text{Charles}\\
\text{Andrew, Charles, David, Edward} & \text{Fiona, Gloria, Harriet} & \text{Bruce}\\
\text{Bruce, Charles, David, Edward} & \text{Fiona, Gloria, Harriet} & \text{Andrew}\\
\end{array}$$
To illustrate with four men and four women: Suppose the men are Andrew, Bruce, Charles, and David and the women are Esme, Fiona, Gloria, and Harriet. Your method counts this selection four times.
$$\begin{array}{l l l}
\text{four men} & \text{three women} & \text{additional person}\\ \hline
\text{Andrew, Bruce, Charles, David} & \text{Esme, Fiona, Gloria} & \text{Harriet}\\
\text{Andrew, Bruce, Charles, David} & \text{Esme, Fiona, Harriet} & \text{Gloria}\\
\text{Andrew, Bruce, Charles, David} & \text{Esme, Gloria, Harriet} & \text{Fiona}\\
\text{Andrew, Bruce, Charles, David} & \text{Fiona, Gloria, Harriet} & \text{Esme}\\
\end{array}$$
Notice that
$$\color{red}{\binom{5}{4}}\binom{16}{5}\binom{8}{3} + \color{red}{\binom{4}{3}}\binom{16}{4}\binom{8}{4} = \color{red}{1,732,640}$$