STAKEHOLDER ENGAGEMENT PLAN - YUM! BRANDS PREPARED BY: KAISHU TAKASE DATE: SEPTEMBER 17, 2023 Image Retrieved From:https://www.foodbusinessnews.net/articles/15940-yum-brands-income-falls-68-in-first-quarter 1.0 INTRODUCTION
This Stakeholder Engagement Program (SEP) has been prepared for the purpose of guiding stakeholder engagement within the organization. The SEP is an essential component of Yum Brands' commitment to responsible corporate practices. It outlines the process of engaging with various stakeholders and ensuring transparency and accountability in our operations. This SEP is a dynamic document that will evolve and adapt to changing stakeholder needs and corporate priorities. 2.0 PURPOSE OF THE STAKEHOLDER ENGAGEMENT PLAN The primary purpose of this SEP is to establish a consistent, comprehensive, and coordinated approach to stakeholder engagement (UNDP, 2022) within Yum Brands. It is intended to demonstrate our commitment to best practices in stakeholder engagement and corporate responsibility. Yum Brands is dedicated to full compliance with relevant regulations. This SEP aims to ensure that stakeholder engagement is based on timely, relevant, and accessible information, providing stakeholders with the opportunity to contribute their insights and influence our decision-making processes. The SEP: Defines our stakeholder engagement approach, integrating it into our corporate strategy and ongoing operations. Identifies key stakeholder groups and outlines their inclusion in our engagement efforts. Outlines the methods for documenting stakeholder engagement activities throughout our organization. 3.0 STAKEHOLDERS Identifying and analyzing stakeholders is a crucial element of successful and purposeful stakeholder engagement efforts (Sokolova, 2015). The purpose of this stage was to offer a broad overview of the important parties from the SWOT and PESTLE Analysis conducted previously. 3.1: STAKEHOLDER IDENTIFICATION StakeholderDescriptionRoleDepartment CustomersHealth-conscious optionsPrimary, ExternalMarketing RegulatorsEnvironmental regulationsSecondary, ExternalCompliance EmployeesSafe working conditionsand trainingPrimary, InternalHuman Resources 4.0 STAKEHOLDER ASSESSMENT
Stakeholder assessment is a systematic process aimed at understanding the interests, concerns, and influence of various individuals, groups, or entities that have a vested interest in a particular project, organization, or initiative. Effective stakeholder assessment is essential for informed decision-making and strategic planning, as it helps organizations prioritize engagement efforts, identify potential risks, and tailor communication strategies to foster productive relationships (Sokolova, 2015). By comprehensively assessing stakeholders, organizations can proactively address their needs, build trust, and ensure that their initiatives align with the interests of those who matter most. In the table below the assessment can provide a deeper understanding of each stakeholder group's mindset and attitudes (IAEA, 2023). This information can be crucial in tailoring engagement strategies and addressing their specific needs and concerns effectively. 4.1 STAKEHOLDER ASSESSMENT (TABLE) StakeholderLevel ofInfluenceLevel ofInvolvement Information Gathering Technique CustomersHighHighSurveys, feedbacks, and social media listening RegulatorsHighLowEPA assessments and regulatory submissions EmployeesLowHighInspections and training evaluations StakeholderCommitmentMotivationsExpectationsConcerns CustomersLowQuality, menu choices, andcost savingsTimely response, andmenu improvementFood quality, and pricing changes RegulatorsMediumSustainability, andregulation adherenceInformationtransparency, andcooperationEnvironmental incidents, and non- compliance EmployeesHighFair compensation,workplace safety and skilldevelopmentPersonalizeddevelopment, and opendialogue related tocareer. Inadequate training, and stagnation in growth of employees 5.0 STAKEHOLDER ENGAGEMENT The objectives of stakeholder engagement within Yum Brands are comprehensive and pivotal to our commitment to responsible corporate practices. Firstly, we are dedicated to ensuring that our stakeholders have a comprehensive and clear understanding of our operations, initiatives, and commitments. To achieve this, we maintain an open, inclusive, and transparent process of engagement and communication, proactively sharing information.