Meritocracy. Exceeding company stretch goals – repeated annual revenue growth of 20 – 30% or more, sustained cost decreases of 10 – 20%, improved profits of 7 – 15% and cash flow increases – are best achieved in an environment of empowered employees and partners aligned with clearly defined and highly honed strategic goals.
Human Resource Directors are the best coordinator of creating, maintaining, and re-creating the vibrant culture of meritocracy that underlies the culture of success.
Mereo Consulting provides the confidence, knowledge, processes, technology and the change management measurements that regulate and sustain the path to success.
Underlying success are some necessary pre-requisites. There are four basic and critical elements that if neglected, result in failure.
First, is the full commitment of the “C-Suite” – a commitment to the philosophy of meritocracy, visible time, attention, and real commitment to its implementation. Nearly daily review of results to tweak expectations and performance actions through all levels of the organization. Senior management needs to be the visible organizational champion of Meritocracy, being the first to align personal KPI´s (Key Productivity Indicators) and personal goals aligned with company strategy. Daily performance measurement and accountability underlie organizational success in a dynamic environment.
Second, flowing from the Board Room to the Executive Suite and to layers of management, is a clear definition of the company strategic direction aligned with department an team kpi’s and goals. The thoughtful coordination of the right drill down goals assures best practice organizational performance. With the proper processes and rewards, team members will rise to achieve objectives. On occasion mis-stated objectives can sent the organization to the wrong destination or crossed inter-departmental conflicts.
Third, measurement. This demands an accurate assessment of today’s performance benchmark within recent trend data, a comprehensive system of performance metric tracking and, crucially, a roll out of department, team and individual kpi’s with underlying incentives and success reward sharing for success. Frequent reviews of goal attainment and variances creates the awareness needed to define and take timely remedial action.
Fourth, rewards and shared benefits of company success directly link company high pay-off goal achievement and individual contribution to that success. Those rewards include but generally go far beyond compensation payments.
Improving organizational focus on the most critical success factors by each member of the firm is not a static process as internal and external events shift and the environment continually changes. An annual review cycle invigorates and drives continuing improvement. A well defined program flexibly harnesses in-house skills releasing talent aligned with the most important organizational needs
Meritorcracy – rewarding results and sharing success – appears first in ancient Greece and as a principal of sound organizational best practice since. During the past fifty years an increasing body of evidence validates the underlying performance improvements and personal satisfaction found in firms and organizations applying its principals. But the successful adoption of meritocracy requires thoughtful planning, implementation and monitoring. Mereo Consulting is your partner in releasing the power of your workforce to achieve high payoff and sustainable performance.