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Keeping this in view, what is the concept of meritocracy?

Meritocracy (merit, from Latin mereō, and -cracy, from Ancient Greek κράτος kratos 'strength, power') is a political system in which economic goods and/or political power are vested in individual people on the basis of talent, effort, and achievement, rather than wealth or social class.

Likewise, what is another word for meritocracy? Synonyms: meritocracy. Definition: a form of social system in which power goes to those with superior intellects. Similar words: structure, social organisation, social organization, social structure, social system.

Considering this, what are the advantages of meritocracy?

Meritocracy Benefits It prioritizes performance and uses it as a scale for promotions, bonuses, and other rewards. It tends to make employers learn from more skilled coworkers, thereby leading to self-development. It promotes equal grounds for people from different races, classes, and socio-economic backgrounds.

What is an example of meritocracy?

Several companies have meritocratic like systems. My favorite examples are: They call their system The Great Game of Business, as all the employees are involved in business decision making not in democratic but meritocratic way and are more than literate in business. They "play" with the numbers they understand well.