Mer·i·toc·ra·cy

A system or society in which advancement and power are distributed based on individual ability, achievement, and talent rather than wealth, class, or privilege.

Relating to the principle that merit — skill, effort, and accomplishment — should determine status or success.

"In the bustling firm, promotions were promised to be awarded through meritocracy, where dedication and skill outweighed lineage or fortune."

From Latin meritum (“deserved, earned”) + Greek -kratia (“power, rule”).