A horse race is a contest of speed between two or more horses ridden by jockeys or pulled in sulkies by drivers. It is a long-established form of entertainment, having evolved from a primitive sport to a modern spectacle involving crowded fields of runners, sophisticated electronic monitoring equipment, and huge sums of money. In recent decades, it has become one of the most popular spectator sports in the world.

In politics, the word “horse race” can mean a close contest, but it also can have connotations of mud-slinging and personal attacks. With the flurry of attack ads and name calling, it’s easy for real issues to get lost in the mix. This election promises to be no exception.

For the media, the challenge is to provide complete context for readers behind the flashy political polls jockeying for attention. That means going beyond number-crunching methodology to examine the material costs of the race, and ensuring that the public understands what’s at stake for voters and society as a whole.

One issue that gets lost in the shuffle is equine welfare. The exploitation of racehorses for their owners’ profit results in frequent injuries and deaths. One of the most tragic examples occurred in 2008, when Eight Belles collapsed and was put down during the Kentucky Derby. The resulting scandal led to an increase in public support for banning animal racing. Sadly, though, such sentiments have yet to translate into significant reform.

Many companies use the horse race approach when selecting a CEO, believing that it is an effective way to identify and groom future leaders. Companies that are most successful with this strategy cultivate a culture in which people embrace competition for the top job and the idea that the best leader will emerge from the contest.

Unfortunately, the horse race approach can have negative effects on the health of a company and its employees. It can result in a leadership contest that takes too long, which can negatively impact the company’s performance and the well-being of its staff. Additionally, the process can expose internal infighting and exacerbate tensions between employees.

Fortunately, there are alternatives to the horse race strategy. The research presented in this collection highlights the many ways that companies can develop a successful succession process without having to hold an open, multi-stage race for the top position. Instead of a traditional open search for a new leader, these strategies can help companies identify potential leaders in their ranks and groom them in a series of critical roles where they gain the experience and competencies to lead a company successfully.