UK Accounting Glossary
The practise among those with power or influence of favouring relatives or friends, especially by giving them jobs.
The favouring of relatives or personal friends because of their relationship rather than because of their abilities.
Nepotism is the practise of appointing relatives and friends in one’s organisation to positions for which outsiders might be better qualified. Despite its negative connotations, supporters argue that nepotism (if applied sensibly) may act as an important and positive practice in the startup and formative years of a firm as complete trust and a willingness to work hard (for little or no immediate reward) may be critical to its survival.
Nepotism can get you very far in the world if you’ve got the right connections.
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This glossary post was last updated: 13th January 2020.