MNC survey: U.S. politics more Polarized in 2024 than in 2020

Rising polarization and norm-breaking events such as former President Donald Trump's felony conviction have made the 2024 election the most challenging U.S. political environment for businesses in recent years, according to a new report.

In a survey conducted by nonpartisan think tank the Conference Board and law firm Steptoe LLP, 59 percent of business executives said the current situation is worse than in the 2020 election season, when the global pandemic is hurting the economy, Race relations are turbulent. They surveyed lobbyists and legal staff at 96 large multinational companies.

Tight elections can upend laws and regulations, making it harder for companies to make long-term plans. Businesses have also had to contend with Republican and Democratic-led states issuing conflicting regulations and mandates.

Extremism and polarization among decision-makers were cited by 71 percent of respondents as the main reason businesses across industries face political unrest, with voters deeply divided coming in second at 60 percent.

The third source of unrest is internal. 48% of executives believe that employee scrutiny of their company's political and social behavior creates a challenging environment. Employees are increasingly bringing their political convictions into the office, expecting employers to take a stand on controversial issues. Surveys have found that some employees shrug off opposing views or refuse to accept the legitimacy of decisions if they don't fit with their politics.