This is a topic which requires a lengthy discussion. Ideally, a mix of seniority and merit should be followed. However, the type of policy you should go for will thoroughly depend upon your organization's setting and the composition of the workforce (i.e., old vs. new). You must pay attention to all these factors before formulating and implementing such a policy; otherwise, you will find yourself in a big problem, especially if there are active trade unions in your organization.
I absolutely agree with the methodology of Avinash that a blend of cultural and length of experience along with merit should be considered for the promotion policy. However, I would like to add that merit should be the priority to avoid any frustration.
Rgds,
Ayaz
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