1. Outline the major benefits of implementing a succession management process. (10 marks)A major benefit of a succession plan is continuity of leadership. Organizations that develop leaders from the ranks of current employees are more likely to stick to their missions and manage new challenges. These developing leaders have the opportunity to experience many aspects of the business as they advance. They may bring new ideas to business processes that they may soon be in charge of, while learning the wisdom of those who are currently in control.Financial stability is benefit of succession planning, it can create a stronger and more loyal group of future managers and executives, thus saving the company's recruiting and hiring costs over the long-term. It helps with coping with the effects of downsizing, terminating workers without damaging the organization and reducing headcount to the essential workers only.Reputation is benefit of a succession plan. When employees and those outside the organization realize that a succession plan is in place, they are more likely to have confidence in the organization because they know the company is well-organized and ready for the future. Organizations with succession plans offer key employees training opportunities and help them understand their potential career. A succession plan is a good recruiting tool, because it will attract high-achieving employees who appreciate knowing where their careers may lead them. As organizations and company goals expand, new leadership positions can be incorporated into the succession planProvides an approach for succession of top notch positions by the next lower-level employee. It is all about identifying the skills and competencies and potential of an employee so that he or she can be deployed at different jobs in the time of crisis. Identifying replacement needs as a means of targeting