The year 2024 sets a record for the most elections held in a year, with elections in 50 countries. Over two billion people will be casting their votes worldwide, including the United States, India, Mexico, and South Africa.
With this many elections in various regions, worldwide political tension is high. This is reflected in the World Economic Forum’s Chief Risk Officers Outlook 2023, which identified geopolitical volatility as the biggest risk in 2024.
In other words, 2024 is a delicate time for business decisions.
According to the Bentley-Gallup Business in Society Report, Americans’ appetite for businesses that publicly take a political stance is decreasing.
From 2022 to 2024, the percentage of U.S. adults who think businesses should express opinions on public issues has declined by 10%. Today, only 38% agree that companies should speak out on politics.
This environment has placed businesses at a crossroads: do they take a stand or stay neutral?
To unite or divide
Following Gallup’s findings, should businesses sidestep politics altogether? Havas Media UK’s Jackie Lyons agrees, yet it’s not so simple. According to Lyons, businesses shouldn’t take the elections as a time to take a side. Rather, they should use it as an opportunity to unite.
Lyons said consumer trust has eroded over the past years, pointing out an era of misinformation exacerbated by the rise of AI-generated content as the cause. She argued that brands should focus on genuine connections in a time of declining consumer trust.
One example Lyons highlighted is Coca-Cola’s #TheRitualCup campaign, which celebrates common national experiences.
Conversely, speaking out on public issues might not be a matter of business but of principle. After all, appreciation for companies that take a political stand is in decline but has not vanished.
Gallup’s report also showed that more than half of the LGBTQ+ community (55%), Black adults (54%), and Democrats (53%) support companies that take a stand on political issues. This means being vocal about politics might not be a poor decision for businesses, provided their views align with their target audience.
For businesses that outsource work, it is advisable to collaborate closely with your business process outsourcing (BPO) partners regarding your approach this election year.
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Lyons, J. (2024, July 1). Elections are divisive. Brands should instead plan for unifying moments. The Drum. Retrieved September 9, 2024, from https://www.thedrum.com/opinion/2024/07/01/elections-are-divisive-brands-should-instead-plan-unifying-moments
World Economic Forum. (2023, December 15). 2024 is a record year for elections. Here’s what you need to know. Retrieved September 9, 2024, from https://www.weforum.org/agenda/2023/12/2024-elections-around-world/
