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Benefits of Winning the Malcolm Baldrige National Quality Award; Case Study Elevations Credit Union, Boulder, Colorado (nonprofit) 2014 winner Malcolm Baldrige National Quality Award is one of the highest awards awarded to American companies that shows an excellent commitment to offering quality management services. The award mainly focuses on six categories mainly education, healthcare, manufacturing, small businesses and nonprofit. In 2014, Elevations Credit Union, Boulder, Colorado won the award under the nonprofit category. Winning such a prestigious award is not just walk in the park.
The bank had to do a lot of investments in its operations and services to achieve the desired target. The management had to use a lot of resources in improving the overall banking performance. A lot of hours were lost as all the employees focused on the general service delivery improvement. This was because they had to follow a clear masterplan which was in phases. The phases include planning, description, analysis, and improvement plan. The improvement plan is said to be the most expensive part. A lot of millions of dollars were invested, but is the money spent worth the award?
The benefits of winning such a prestigious award are quite evident in this case study. The bank witnessed an increased customer flow. They had won the trust of many people who joined them and this led to an increase in their profit margin. The employees also were equally happy and satisfied by the way the management handled them which too contributed to an increase in revenue. The result is an inspiring and practical roadmap that leads to performance excellence. The journey to Baldrige is not easy but the result is worth all the effort.
S. M. Lee, B.-H. Rho & S.-G. Lee (2003) Impact of Malcolm Baldrige National Quality Award Criteria on organizational quality performance, International Journal of Production Research, 41:9, 2003-2020, DOI: 10.1080/0020754031000077329
[NIST] Big jump for the Nation's honor for excellence. Available at "www.nist.gov/public.affairs/mbnqa.apps.htm". .
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