Horse races are the most popular spectator sport in the world. A horse race is an event in which a group of horses are placed on a track, and bettors place bets on which one will win. The winning horse receives the amount of money wagered on it, minus a deduction by the track (take out). A winner may also be declared in the case of a dead heat. Different national horse racing organizations have their own rules, but most are based on the original rulebook created by the British Horseracing Authority.
While some executives and governance observers are uncomfortable with an overt horse race approach to succession planning, others see it as a powerful way to develop the next generation of leadership at a company. By creating a clear and structured process for identifying and developing high performers, this strategy can help build a company’s bench strength and increase the likelihood that its next leader will be capable of meeting the business challenges ahead.
The horse race system is a way of choosing the best candidate for a top job from among several skilled candidates in a short time frame. It is a method that has been adopted by major corporations, including General Electric, Procter & Gamble, and GlaxoSmithKline. The system can be a powerful tool for succession planning, as it allows companies to select the most qualified candidate from several internal candidates who have demonstrated their ability to perform in the role. In addition, the process can also help to build a strong culture of leadership development in which future leaders are spotted early and groomed through a series of critical roles that give them the competencies and seasoning required for the top position.
Activists in the horse racing industry, such as Patrick Battuello of Horseracing Wrongs, believe that horseracing is more than just a “sport.” It is an abusive industry that involves drugs and whipping and trains horses to run too fast and for too long. Injuries are common, and many of the horses that do not survive a career as a racehorse are killed by euthanasia or a trip to the slaughterhouse. Random drug testing is in place, but Battuello believes that it is not being done effectively enough.
A term used in horse racing to describe the course that a racehorse followed during the running of a race. A “good trip” is one in which the horse and rider experienced no unusual difficulty, while a “bad trip” is characterized by a wide or boxed-in course. In some cases, a race will be declared a dead heat when two or more horses come in together and cannot be separated. In these cases, a photograph of the finish is studied by stewards to determine which horse crossed the line first. This is determined by using a photograph of the finish that can be clearly read, rather than just looking at the image with the naked eye.
