Meritocracies holds a lot of appeal for CEOs and business leaders. Most believe in giving greater responsibility and position to those who have earned the right based on intelligence, effort, achievements, and education. Is it any wonder that Atlas Shrugged (a story of meritocracy by Ayn Rand) is the single most-read book by CEOs?
In practice, however, not all CEOs and business leaders operate meritocracies. They care more about where you were raised, what school you attended, and who you know than they’d like to admit. In doing so, they put their organizations at risk.
If you’re a leader, trust results over pedigree. Reward those who chase down information, take calculated risks, produce successes, and seek to improve themselves and the organization—no matter what their position or background.
If you accept and reward mediocrity, you can expect more mediocre results in the future.
Run a meritocracy, not a mediocracy.