EFQM (European Foundation for Quality Management)

Meaning & Definition

European Foundation for Quality Management (EFQM) is an internationally recognised framework for improving performance, leadership, and business excellence by organisations around the world. EFQM assists organisations in evaluating their own effectiveness as a whole through the lens of people, process, strategy, and results and not simply through their financial performance alone.

Why EFQM Matters?

• Assists companies in improving their performance by using an established process for assessing performance by using an established process.
• Promotes a culture of assertive leadership, employee involvement, and a commitment to continuous improvement.
• Aligns human resources practices with organisational strategies.
• Provides support for making data-based decisions using measurable performance indicators.
• Increases the organisation’s credibility and builds the standards for benchmarking at a global level.

Governance & Compliance 

• No specific statutory compliance is linked to the term EFQM.
• EFQM is basically a voluntary excellence framework, and there is no legal or regulatory requirement in India.