Countries equalling about half of the world’s population have either held or will hold elections this year, including the United States, Mexico, India, and European Union.
HR Policy Global’s take: Understanding the impact of these elections is crucial for global HR leaders faced with navigating the changing political landscape and its implications for business and employees. HR Global will discuss some significant challenges at our upcoming webinar The 2024 Global Elections Super-Cycle and Implications to Your Business.
The bottom line: As our economic and social connections increase globally, critical issues – social media, the economy, political and cultural polarization – are impacting elections around the world. While elections can bring change, not all of them are fair or result in significant transformations. Only 44 out of 74 countries voting are considered free and fair, according to the Economist Intelligence Unit.
Here are some of the hot spots we’re watching:
- In India, Prime Minister Modi won the most votes but lost his majority and now heads up a coalition. The reform of social security is a “must do” for him, but will the much-promised labor reforms take a back seat again?
- In Mexico, winner Claudia Sheinbaum is likely to continue the labor reforms of her predecessor Andres Manuel Lopez Obrador which have transformed the employee relations environment in the country.
- In the UK, Prime Minister Rishi Sunak’s Conservative Party looks set to lose power and be replaced by the left-wing Labour Party who have promised to set out a labor reform agenda in their first 100 days.
- President Emmanual Macron of France likewise called a snap election in July following the disastrous results for his party in the European Parliament elections where his support shrunk to 13% while Marine Le Pen’s far right party captured 30%.
- In Europe, much was published about the increase in seats gained in the Parliament by the extreme right. In fact, the elections reinforced the majority of the Center Right, meaning that Europe will be business as usual, and the laws on EWCs and Corporate Social Responsibility will move ahead.
- In a small, but important election, the Taiwanese electorate angered its larger neighbor China by voting in Lai Ching-te bringing more instability to the region and adding to the tension between the West and China.
Elections across the globe have varied implications for HR leaders, from potential labor reforms to geopolitical tensions. Stay informed and prepared for changes that may impact your organization.
