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A horse race is an overt contest for a top job, usually between several recognized candidates within a set time frame. The process is controversial, particularly among executives and governance observers who fear it can distract an organization from its business strategy and erode trust in the company. Yet the approach has proved to be a powerful way to identify strong leaders at many highly respected companies, including General Electric, Procter & Gamble and GlaxoSmithKline.
The horse race strategy can also help a board cultivate a leadership culture in which executives feel encouraged to compete for key roles and the idea that a winner will emerge from the contest. This can be a significant change in the mindset of a company, especially if its culture has historically focused on placating winners and rewarding followers.
Several common terms are used in horse racing to describe the different circumstances that can occur during a race. These include:
The condition book is a list of races that will take place at a given track over a period of weeks or months. Trainers will use the condition book to plan training regimens for their horses during this time. Oftentimes, horses will be entered in races that are not on the calendar, such as substitute races. These races will only be run if enough horses are entered to fill them.
A horse that is ridden by a jockey with no whip is said to be “in hand.” When this type of riding occurs, the rider uses his hands to direct the movement of the horse and may lightly brush the sides of the animal. In hand rides, the horse is not whipped, and it is therefore considered to be more humane.
When a jockey is in hand, it can also be said that the horse is “in the money.” In betting terms, this means that the horse has finished in the top three and is therefore eligible for a portion of the winning prize money. The term is named after a horse by the name of Silky Sullivan who won a number of major races while wearing his signature pink silks.
The stewards of a race are responsible for enforcing the rules of a competition and deciding if a horse is the winner of a race. The stewards determine whether a horse has won by studying the photo finish. If they cannot decide, the race is declared a dead heat. This is oftentimes done to avoid a lengthy legal battle over the issue of the win. In the case of a horse race, this method can be beneficial to both parties involved because it reduces the chances that an expensive lawsuit will be filed by a losing party. It is important to understand this type of judging before placing bets on a horse race. This is because this type of judging may lead to a biased interpretation of the results of the race. This can cause a horse race to not have the outcome that many people were expecting.
