The Horse Race in Board Succession Planning

It’s not new to see the image of a horse race in election coverage. The Boston Journal used it during the 1888 presidential election. And since then, it’s been in circulation. Critics of the image have criticized election coverage and journalists’ use of polls. In one essay, Atkin and Gaudino point out how the use of the horse race image can undermine the effectiveness of the political process. They claim that journalists treat campaigns like horse races, a practice that is damaging to democratic processes.

horse race

The overt competition for the top spot also serves as motivation for employees. It shows the board’s confidence in the management team, leadership development processes, and people. When several strong internal candidates are vying for the top spot, it shows that the board and its top executives are committed to developing high performers. The board’s decision to have more than one person running for a top job shows that they’re willing to invest time and resources to make the right choice.

While election horse races provide a window into the inner workings of politics, they can also create a disruptive impact if executed badly. By contrast, an effective succession plan should focus on the development of senior leaders. While hiring a new CEO, boards should focus on developing the company’s current employees. As part of succession planning, board members can require the senior leadership team to implement succession processes. This will help minimize disruptions. This way, the board can get a good understanding of its own leadership skills and help it grow as a leader.

A horse race is an excellent method of selecting the best candidate. This method has several benefits for an organization. First, it signals to employees that they have an important role in the company’s performance. Second, it establishes a culture of leadership development, as future stars are identified early and groomed in a series of critical roles. Finally, the candidates will gain the necessary competencies to lead the company. So, the benefits of a horse race go far beyond mere leadership succession.

While the horse race metaphor may not be as dominant in other western democracies, it has a few advantages. While it gives an inside look into the inner workings of a candidate’s team, it also helps the organization’s image. By focusing on the image of the candidate, it will be easier to make the right decisions for the company. It will also help the candidate to develop his or her skills and develop a career path.

In addition to these benefits, a horse race is also a valuable way to choose the best candidate. The process allows organizations to select the best candidate for a given position. It also provides an opportunity to reward potential future stars by creating an environment that fosters the development of talented leaders. Although it may not be the best approach for every organization, the process is an effective means of selecting a winning candidate. A company may also benefit by announcing a candidate in the media.