Glossary of Business Terms

Master Keys

 

Meritocracy

 

People Power

Reward System

Inclusive Workplace

 

 

Meritocracy is a system, organization, or society in which people are chosen and moved into positions of success, power, and influence on the basis of their demonstrated abilities, effort, achievement, contribution, and merit.

Advancement in such a system is based on performance, as measured through examination or demonstrated achievement.

 

 

 

Naryana Murthy advice

A great company continuously measures and improves the following attributes: meritocracy, fairness, justice, openness, speed, imagination and excellence in execution.

Naryana Murhty

Infosys

 

   

Examples of Meritocracy

 

 

 

 

GE: Jack Welch established a meritocracy in GE. Under his leadership, GE switched to making hiring and promotion decisions based on ability and achievement. GE leaders involved everyone, set stretch targets, encouraged their people to take daring action, and rewarded extraordinary achievements. The GE Leadership Effectiveness Survey (LES) made meritocracy principles transparent and provided guidance for performance measurement.

 

 

   

InnoBall

 

 

 

 

InnBall (Innovation Brainball) entrepreneurial simulation game is a great meritocracy tool.

It helps assess entrepreneurial smartness of players, find the right fit for each of them, and promote them accordingly.

  Meritocracy tools and example: InnoBall business simulation game

 

 

Red Hat Inc.

"While a meritocracy can be a bit of a bumpy road (lots of voices = lots of opinions = lots of data to dissect), at my company I have found that it truly does help us stay on the cutting edge and bring to light the best ideas. It also helps us keep associates engaged and fosters genuine leadership. What more could you ask for?"

~ James Whitehurst, is President and CEO

 

Creative Leadership

Inclusive Leadership

Stimulate Generation of Radical Ideas

Cross-pollination of Ideas

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