Seniority

Seniority - (noun)

Definition

This describes a situation in which an employee gains certain privileges based on the length of time they have been an employee of the company. These privileges could include promotion, pay, benefits, and the order in which employees are selected for redundancy.

Extra

Source: Adapted from Business Dictionary
Example of Use: One key aspect of the traditional human resource management in Japanese companies is the principle of seniority.