Impact of the 2024 Election on Executive Leadership in Key Industries
The outcome of the 2024 presidential election will affect the job market for executives across various industries like tech, AI, healthcare, and manufacturing. Though it may be difficult to generalize and there will be a high degree of variance on a micro level, the election outcome will certainly have impact on various sectors.
Regulatory Shifts in Tech, AI, and Data Privacy Under Harris vs. Trump
A Kamala Harris victory may bring about more regulations in areas like data privacy, AI ethics, and antitrust enforcement. This could lead to a higher demand for executives skilled in navigating regulatory compliance, government relations, and cybersecurity. Conversely, a Trump administration will likely return to emphasizing deregulation, which could benefit C-suite leaders focused on scaling tech businesses with fewer restrictions on data usage and AI development.
Immigration Policies: How Tech Talent Access Could Change Post-Election
Tech executives might also be affected by shifts in immigration policies. A Harris led democratic administration would likely support more open immigration policies, allowing tech companies to access more global talent. In contrast, a Trump/MAGA victory will result in stricter immigration laws, impacting the ability of tech firms to recruit internationally.
Healthcare Administration: Navigating Policy Changes Under Harris or Trump
When it comes to healthcare administration, a Harris administration would likely continue pushing for expanded healthcare access, possibly even moving closer to a public option or strengthening the Affordable Care Act (ACA). This could spur demand for executives in health insurance companies, hospitals, and healthcare providers who specialize in navigating changing reimbursement structures and regulatory requirements. However, a Harris administration may put financial pressure on private healthcare companies, leading to potential consolidation in the sector and job restructuring at the executive level.
Healthcare Administration: Navigating Policy Changes Under Harris or Trump
When it comes to pharmaceuticals and Biotech, if President Joe Biden’s policies to lower prescription drug prices continue or expand in a Harris administration, executives in pharma and biotech may face tighter profit margins and a greater emphasis on innovation and cost control. On the flip side, a Trump victory might scale back these regulations, allowing greater flexibility in pricing, which could lead to a more favorable financial environment for executives focused on growth and acquisitions.
Pharma and Biotech: Impact on Drug Pricing and Executive Strategies
Regarding manufacturing and energy, if democrats remain in control, the impact on infrastructure and Green Energy there may be increased federal funding for green energy and infrastructure projects. Manufacturing executives with experience in clean energy, electric vehicles, or sustainable practices could see job growth and higher demand for leadership roles. Whereas C-suite leaders in traditional energy sectors like oil and gas might face regulatory challenges as the transition toward renewable energy accelerates.
Green Energy vs. Traditional Energy: Election’s Influence on Manufacturing and Energy Sectors
Under a Trump administration, if Trump reinstates his policies he previously imposed, there will be a return to more protectionist policies, like tariffs on imported goods, especially from China. This could benefit U.S.-based manufacturing leaders as domestic production becomes more attractive. However, it will certainly impact global supply chains, requiring executives to adapt quickly to new trade barriers and cost structures.
Financial Services Sector: Corporate Tax and Regulatory Impacts on Executives
In the financial services sector, there will be impacts across the board as well depending on whether Harris or Trump wins. Tax and regulatory policies will vary with the presidential election outcome may have a significant impact on executives in the financial sector. We can anticipate that a Harris administration will pursue higher corporate taxes, financial transaction taxes, and at least some stricter financial regulations, which could lead to consolidation or restructuring. The result could be that executives with experience in regulatory compliance and cost-cutting strategies may be in higher demand. Whereas, a Trump victory will result in the loosening of regulations, providing a more favorable environment for high-risk, high-reward financial activities, which might be beneficial for C-suite leaders focused on aggressive growth strategies.
Corporate Governance and ESG: Harris’ Push for Sustainability vs. Trump’s Deregulation
When it comes to corporate governance and ESG, there will also be net effects across the board. For Environmental, Social, and Governance (ESG), ESG initiatives are likely to remain a focus under a Harris administration, with more pressure than a Trump administration would impose on companies to adopt sustainable and socially responsible practices. Executives in roles overseeing sustainability, corporate social responsibility, and diversity, equity, and inclusion (DEI) initiatives will remain viable. A Trump win, on the other hand, will reduce the emphasis on ESG, potentially shifting corporate strategies back toward shareholder profits and away from social and environmental goals.
Labor Impacts: How the 2024 Election Will Affect Workers and Labor Protections
In sum, executives across various sectors should be prepared for significant shifts depending on the election outcome. A Harris led democratic administration will lead to more regulations, labor-friendly policies, and a stronger emphasis on ESG, driving demand for executives skilled in compliance, sustainability, and public policy navigation. On the other hand, a Trump administration will favor deregulation, lower taxes, and business-friendly policies, encouraging growth strategies and less regulatory oversight, which would benefit executives focused on scaling operations and financial performance.
Union Support: Will Workers Favor Harris’ Pro-Labor Policies or Trump’s Deregulation?
Regarding labor, skilled trades and frontline workers, it’s also a mixed bag. With a Harris victory, we may see a continuation of many of President Joe Biden’s efforts, including the stronger labor protections, higher minimum wages, expanded paid leave, and more regulations on workplace safety and anti-discrimination. Though Biden reportedly has a stronger reputation among unions generally, given his political history, grassroots style, not to mention breaking with tradition to be the first U.S. President to walk a picket line with union workers, as opposed to general blue-collar distrust of California progressives, Harris has herself walked a picket line with striking workers and is likely to continue Biden’s initiatives. If Trump wins, he will focus on reducing regulations to make it easier for businesses to operate, probably scaling back labor protections, emphasizing at-will employment, and giving employers more flexibility with hiring and firing practices.
Digressing momentarily, it is worth noting that many blue collar workers, and some unions, are nonetheless supporting Trump, influenced by his tough talk regarding immigration, international trade, social and cultural issues, and overall optics, and labor’s support is far from consistent and easily predictable in this election cycle. Some unions may feel that Trump’s ostensible economic policies, like tax cuts or deregulation, could benefit industries where their members work. For example, unions in manufacturing or construction might appreciate the administration’s focus on infrastructure projects or trade deals that they feel protect jobs. Unions tied to industries like coal, oil, or natural gas may be hesitant to back Harris if her policies emphasize clean energy and environmental regulation, which they might fear could lead to job losses in their sectors.
Biden’s Worker-Friendly Policies: A Blueprint for Harris’ Labor Agenda
Harris would be likely to follow the same pro-labor policies instituted by Biden. During the Biden administration, several key employment and labor-related policies and initiatives were enacted or strengthened to support workers. Some of the most notable changes include Biden’s Executive Order on Promoting Union Organizing. Biden signed an executive order to create a Task Force on Worker Organizing and Empowerment, aimed at promoting union membership and protecting workers’ rights to organize. The administration has taken a strong pro-labor stance, with Biden publicly supporting union efforts like the Amazon and Starbucks unionization drives. Moreover, the Biden administration appointed pro-labor officials to the NLRB, which resulted in more favorable rulings for unions, including broader interpretations of workers’ rights to organize and stricter enforcement of labor laws against employers that violate union rights.
In April 2021, Biden signed an executive order raising the minimum wage for federal contractors to $15 an hour, up from the previous rate of $10.95. This move directly impacted thousands of workers employed by federal contractors, such as those in janitorial, security, and service positions. And regarding workplace safety and COVID-19 response, under Biden Occupational Safety and Health Administration (OSHA) was directed to issue new emergency standards to protect workers from COVID-19, including a vaccine-or-test mandate for larger employers, though it faced legal challenges and was eventually blocked by the Supreme Court. The Biden administration also expanded paid sick and family leave provisions related to COVID-19 through legislation such as the American Rescue Plan Act (ARPA). This law did provide tax credits to small and mid-sized businesses offering paid leave for workers affected by COVID-19. The American Rescue Plan Act (ARPA) extended enhanced unemployment benefits, which included an additional $300 per week on top of standard unemployment benefits and included provisions that stabilized struggling multi-employer pension plans, protecting the retirement benefits of of union workers, particularly in industries like trucking, mining, and construction. The Biden administration also focused on addressing worker misclassification, where employers classify workers as independent contractors to avoid providing benefits and protections. Biden has voiced support for policies that would make it harder for gig economy companies (like Uber and Lyft) to classify workers as independent contractors rather than employees. The Biden administration signaled its intent to restore and expand overtime protections to more workers, increasing the salary threshold under which workers are automatically eligible for overtime pay. While a permanent nationwide paid family and medical leave policy wasn’t enacted during Biden’s watch, he has strongly advocated for it, and it was included in proposals like the Build Back Better Act, though it didn’t pass as originally planned. Harris, like Biden will push for policies to address pay disparities and workplace discrimination, such as through support for the Paycheck Fairness Act, which seeks to address wage discrimination based on gender.
Workplace Discrimination and Labor Protections: Contrasting Approaches of Harris and Trump
Trump will return to his policies that reduced protections against workplace discrimination based on race, gender identity, and sexual orientation. While a Harris Department of Justice will maintain Biden’s restoration of the DOJ’s interpretation of the Civil Rights Act to include LGBTQ+ protections, Trump may simply eliminate that expanded protection.
Overall, the Biden administration has taken a worker-friendly, pro-union approach, advocating for expanded labor protections, stronger union rights, and worker safety, particularly in response to the challenges posed by the COVID-19 pandemic.