A horse race is an event in which the horses, ridden by jockeys, try to gain the upper hand in a sprint. Sometimes, the horse pulls the sulkie, with its driver at the helm. Regardless of the method, the result is the same: a winner! Whether the winner wins or loses depends on how well the other horses perform. A good jockey can make the difference between a winner and a loser.
Using a horse race to choose a new CEO can have a variety of advantages for the organization. It establishes a culture of leadership development by recognizing that a CEO must be accountable for the performance of the entire organization, and it signals to employees that they have a stake in the outcome. It also helps identify future stars and groom them for a series of critical roles before they are ready to lead the company. For more information, consult with the board and candidates.
Using a horse race to select a new leader can have a number of benefits for an organization. A horse race allows for a culture of leadership development. A succession of critical roles is used to groom the future stars of a company. This process can help companies make better business decisions, as the next leader can be better equipped to lead the company. And the competition will make it more likely that new leadership will be a good fit for the organization.
Another benefit of a horse race is the ability to fill key leadership roles. If the winning candidate leaves the company, other senior executives may be left vacant. Choosing a winner may also eliminate the need for a strong leader further down the organizational hierarchy. Before choosing a winner, the board must assess the organization’s comfort level with competition. By choosing a leader, the company will be able to mitigate the disruptions that horse races can cause.
Another benefit of a horse race is its ability to select the best candidate for the job. In a traditional succession process, two or three top executives are pitted against each other. The winner becomes the company’s next chief executive officer. While some executives may object to the concept, it has many benefits for an organization. It signals to employees that the role of CEO is a critical one and establishes a leadership culture that encourages people to be accountable for it. In addition, a horse race allows a company to identify and groom future stars.
While the idea of a horse race may seem like a simple idea, it can also have lasting effects on the organization. While it may seem like a fun idea, the decision to choose a winner can cost a company key employees and a good leader. However, the decision is ultimately up to the board of directors. There are several benefits of a horse race for an organization, and it is an effective way to select the next leader of a company.