Is the business work a meritocrcy?

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.