Is the business work a meritocrcy?
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Is the business work a meritocrcy?
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Step 1: Define meritocracy
Meritocracy is a social or organisational system in which people are promoted, rewarded, and given chances based on their demonstrated abilities, skills, competencies, and performance. The emphasis in a meritocratic system is on evaluating and paying people purely on their merit, without regard for characteristics such as social background, race, gender, or personal relationships. The core premise is that anyone with the necessary qualifications and abilities should have an equal chance to succeed and grow within the system, encouraging a sense of justice, equality, and competition based on individual success.
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