While the Candidates Debate, So Do Business Leaders

The debate this week between the two US presidential candidates drew a TV audience of millions. Among them, most certainly, was nearly everyone in the C-suite.

And for good reason. Given the tightness of the race, no one can predict the winner, yet business leaders continue to look for clues about what the US government will look like early next year and beyond. To date, the candidates have provided broad-stroke outlines of their policies, both on the campaign trail and during their parties’ respective conventions. The hope now, as the two-month countdown begins, is for greater clarity in their positions. “Even if the positions don’t make the C-suite happy, they need clarity so they are in a position to make their plans,” says Alan Guarino, vice chairman in the CEO and Board Services practice at Korn Ferry.

To be sure, policies around major issues of concern to business leaders (such as antitrust regulation, trade, corporate tax rates, and healthcare costs) are likely to differ greatly depending on who wins. Trade is one obvious example. Business leaders are keenly aware of the impact of tariffs and embargoes on supply chains, and—with the election coming just as prices are starting to ease for consumers—they want to ensure that those supply chains keep running, regardless of who wins. “Key issues like this are still to be determined,” says Nels Olson, global leader of the Global Government Affairs practice and co-leader of board and CEO services at Korn Ferry.

By slowing down decision-making and paralyzing strategic planning, uncertainty affects business, both in the short and long term. Indeed, mergers have declined during the past two years, and the US has just revised its estimate downward—by more than 800,000 roles—of the number of jobs added in July 2024. Investment typically declines when political uncertainty is high, experts note, because leaders are reluctant to commit to a major course of action. After nearly two years preparing for a recession, “companies need confidence that the economy is headed in the right direction before they start hiring again,” says Jane Edison Stevenson, global vice chair of the Board and CEO Services practice at Korn Ferry.

If history is any guide, 2025 will be a key year for whoever wins the election. Olson says traditionally the first year is the most consequential for a new president in terms of policy changes, especially if their party also has control of Congress—a possibility for each of the candidates. With so much still to be determined, Olson suggests companies think about how they are currently positioned relative to each candidates’ agenda: Depending on the election’s outcome, what changes would they need to make to their government and regulatory teams? “With the different scenarios that can play out, companies have to be ready to promote or defend their positions,” he says. 

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