A horse race is a contest in which several contenders vie for the same prize, such as a trophy or medal. The term comes from the English sport of thoroughbred racing, which first took place in the United States during the British occupation of the city of New Amsterdam (now Manhattan). The event is contested on a dirt track and involves the use of jockeys riding the horses in a series of races over a set distance. Unlike most sports, the winner of the race is determined by the number of points a horse receives for finishing in first place.
In business, the horse race approach to succession planning is a widely accepted and successful strategy for choosing leaders. Proponents of the method argue that it is in the best interests of a company to have several high-performing executives competing for the top position, because it ensures that the most qualified candidate will emerge from the process. Additionally, the presence of several internal candidates who can run for the CEO role indicates to employees at all levels of the organization that the board and executive management are committed to developing talented people throughout their careers by providing them with a variety of functional assignments and stretch opportunities and testing them in increasingly demanding roles.
While many observers agree that the horse race approach to succession planning is highly effective, there are also critics of the practice who worry about its impact on employee morale and organizational stability. These critics point out that the classic horse race model typically involves a long and drawn-out contest that can result in low morale and stagnant growth. Additionally, the competition for the CEO position can lead to a breakdown of communication and collaboration among the board members and senior management team, which can negatively affect business performance.
Despite the aforementioned concerns, many experts believe that the horse race strategy is here to stay, and will continue to be used by boards of large and publicly-traded companies. It is important, however, for all stakeholders to understand the implications of this approach and consider whether it is appropriate for their organizations.
The most important thing for the horse racing industry to realize is that the welfare of horses is not an optional extra. Sadly, as the tragic deaths of Eight Belles and Medina Spirit a decade apart demonstrate, horses routinely suffer catastrophic and often fatal injuries while under the exorbitant physical stress of racing and training. Donations by race fans and gamblers are essential on behalf of the animals, but these do not cancel out the ongoing exploitation of younger running horses. As long as horse racing continues, the industry will be a detriment to animal welfare.