Meritocracy encourages insatiable need for reward

Meritocracy encourages insatiable need for reward

Often, naysayers of our meritocratic system focus on those who may get left behind.

FROM GURMIT SINGH KULLAR –

06 FEBRUARY

Often, naysayers of our meritocratic system focus on those who may get left behind.

I agree generally with the Education Minister’s view, in “Avoid making meritocracy a dirty word, says Heng” (Jan 29), on maintaining the status quo.

However, we also need to think about people on the receiving end. A meritocratic policy implies that those who do well will be rewarded commensurately, and I worry that the effort-reward balance may become untenable for a small, highly educated society like ours.

While competition is good because it challenges us to innovate, the trouble in Singapore is that acknowledgement and reward have become expected prerequisites for doing a good job. A pat on the back is no longer sufficient.

Parents dangle the latest toy or gadget so their children are motivated to do well academically.

Employers meet fresh graduates who come for interviews with a chip on their shoulder, expecting red-carpet treatment and high salaries because they are now among the “elite” with a degree.

Getting lost in materialism is easy, especially when we self-justify the rewards we want for the success we perceive.

Unfortunately, there will be limits to how much an employer can increase salaries and bonuses, or how many luxury cars can ply our streets before prices skyrocket and roads are clogged.

In the long run, we may be unhappy because meritocracy would have failed to deliver due reward despite our efforts.

The system works, but we must temper our expectations. Two generations of nation building have seen this island through good and bad times, but are we sure the future holds sufficient promise for our children?

It is perhaps time to rethink how our children should define and drive success. Let us instil in them values of frugality, humility and detachment from materialism before they decide that Singapore is no longer big enough or is too competitive for them to be happy.

 

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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