Meritocracies

Definition

Meritocracies are systems within formal organizations where advancement and rewards are based on individual talents, effort, and achievements rather than on class privilege or wealth. This ensures that positions and success are earned through merit, making it a fair and efficient method of recognizing individuals' contributions.

Related terms

Bureaucracy: A system of administration distinguished by its clear hierarchy of authority, strict rules and regulations, and detailed procedures intended to manage complex organizations efficiently.

Social Stratification: The classification of people into rankings of socioeconomic tiers based on factors like wealth, income, race, education, and power.

Human Capital: The skills, knowledge, and experience possessed by an individual viewed in terms of their value or cost to an organization or country