Baldrige winners learn that quality really does pay

Reviews the current state of the US‐based Malcolm Baldrige National Quality Award scheme and poses the question: who wins as quality improves? Outlines a number of arguments for benefits to many stakeholders, and reviews figures from the National Institute of Standards and Technology (organizers of the awards) that demonstrate that quality has a financial pay‐off. This is done through a comparison of stock values of many winners over several years compared with industry performance norms, and suggests the evidence is clear: quality initiatives are an investment not an expense.