It's the same as 'It isn't what you know, it's who you know.'
It's saying that some people owe their success to making the 'right' friends, doing favors for people so they will 'owe you', being a 'yes man' to the bosses, and thus gaining an unfair advantage over rivals who are more qualified for a position.
It's also a good excuse when someone is more successful than you are!
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