The question is, do the "growth opportunities" match the effort exerted in order to attain them?
If you have 10 people, all making $12/hour, and all competing for that "assistant manager" (that may only pay $14.50 per hour), is that really worth busting your hump over?
Sure, the one person who worked the hardest may get it, but is the juice worth the squeeze? I'd say in a lot of cases, it's not.
While I'm still a fan of meritocracy as a principle, it depends on the upper and lower bounds.
If the difference is between $12/hour for someone who's "phoning it in" and $30/hour for a person who's busting their ass, then that's a good meritocracy because it shows that the leaders are willing to invest in the people working hard when applicable.
If the range $12 for the low end and $14 for the high end, then that seems to fit the adage of "leaving the underlings to fight over the crumbs while the head honcho makes off with the cake"
Speaking personally, if I was willing to work 3 times as hard and 3 times as long as someone else, I should have 3x their lifestyle in a true meritocracy. If doing so only got me paid marginally more than them and my only reward was an extra $1/hour and a picture on the wall for "Employee of the month", I'd be strongly considering "quiet quitting"