Creating a Culture of Meritocracy
Blog Post › A Culture that Fuels Our Strategy
In the fall of 2018, Insigniam was honored to be recognized by the Healthcare Business Women’s Association (HBA) as one of three recipients of the HBA ACE Award. Specifically the HBA noted: “Based on a culture of meritocracy, Insigniam has achieved gender parity in leadership.”
A culture of meritocracy. What does that mean, how do you define meritocracy and create and sustain the conditions to achieve a meritocracy?
Definitions of meritocracy: “a system in which the talented are chosen and moved ahead on the basis of their achievement” (Merriam-Webster), “the government or the holding of power by people selected according to merit (Oxford), “a social system, society or organization in which people get success or power because of their abilities, not because of their money or social position” (Cambridge).
At Insigniam, a culture of meritocracy is the context in which we operate, as we work to serve our clients and fulfill the concerns of our clients, employees and shareholders. Not for a set of “chosen few”, but as a commitment to recognize and reward performance and development of each and every employee; a commitment that lives through a set of principles and practices.
What are some of the principles and practices that support a culture of meritocracy?
- A results-based culture of performance and accountability
- Clear and openly communicated expectations and metrics
- Transparency of results, available to all
- Structures to keep the context alive
- A culture of acknowledgment
Insigniam dashboards and key metrics are shared openly to everyone in the firm, regardless of role or position and are accessible at all times on our enterprise-management system. There is never any mischief or uncertainty about the performance of the firm overall and of individuals within, cutting out a source of gossip or disempowering coffee machine conversations. The scoreboard of client satisfaction, client delivery or business development with individual results is permanently updated. Coaching is available when you are not on track to meet your commitments.
We have grown so accustomed to this environment that we sometimes forget that some organizations are still reticent to be this transparent. Is it always comfortable to see your results shared openly and visible for everyone? No. Is the human mind tempted to hide when results are not what one is committed to? Yes. Does this environment provide the conditions in which you can grow and develop? Yes.
Some questions to consider: How are you managing transparency of goals and more importantly results within your organization? Is there sometimes a temptation to limit access to results and metrics to a specific role or level in the organization?