I've seen that other commenters have already pointed out that the two are not incompatible.
However, with the risk of getting some downvotes, I would like to challenge the primacy of meritocracy itself.
I don't mean to say that people shouldn't do a good job at work or that they shouldn't try to continuously improve. But I think that an environment and a mentality of continuous competition between individuals is not necessarily beneficial. For one it can cause tensions, frustration, anger, alienation at an individual level, but I think in the long run it can actually harm the company itself.
I'm curious what you guys think about this point of view.