A study of the EFQM Model. Financial results, sustainability & the relation with ISO 9001

Abstract

Knowledge about what to expect when implementing the EFQM Model is a challenge for organizations. This paper has three objectives: to analyse whether organizations will gain financial benefits from implementing the EFQM Model; whether organizations will be sustainable within the social pillar when being recognised by EFQM and finally, whether there is a positive relation between ISO 9001 and the EFQM Model. A sample of 50 companies recognised by EFQM have been analysed by, inter alia, a linear regression. Research results that organizations in the sample do not gain a financial benefit by implementing the EFQM Model, but they implement sustainability. Lastly, research showed that there is a positive relation between ISO 9001 and the EFQM Model. The paper provides new insights concerning sustainability, the new EFQM Model and the associated financial results of organizations as well as the importance of the ISO 9001 standard in the EFQM Model implementation.