Why should one take part in elections?
Do I get any reputation for that?
There should be some profit; like, how would it help me after elections?
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Ya you get badges but you don't get any reputation though. But seriously this kind of question hurts a bit to all voters who give votes for the development of this community. I would answer this, as you should not see any profit in voting. But if you choose the right person of course the elected member will look at all problems and ethical laws of the site and indirectly you will benefit. So do vote in all elections. And remember you have an option whom to choose so don't neglect. I feel only a candidate with sufficient reputation should be allowed to vote,and a candidate with less reputation should be given time to know why exactly they are here for.
That question is very insolent, but actually it's an important aspect that should be answered.
What's the profit from taking part in elections?
You have influence on who becomes moderator. Moderators handle flags and have binding votes, so they shape topic of the site more than the other members of community. How the topic for the site is defined, is something that influence directly you in the moment you're asking the question.
To ilustrate the importance of voting, consider you ask question which is immediately closed by community moderator. You ask on Meta why? and you receive a comment: "Have you voted? If not, you've sent a signal you don't care who has the power over your posts".