PurposeIn this study, we propose a model for analysing the association between total quality management (TQM) and exhaustion, which considers work overload as a mediation variable and investigates perceptions of managerial support as a moderating condition. Through the job demands–resources model, the study sheds light on the dilemma about the negative implications of TQM for employees.Design/methodology/approachThe proposed model of relationships is analysed using matched employee–organisation survey data from two R&D-intensive sectors in Spain. Structural equation models are employed to examine the proposed relationships.FindingsOnly perceptions of hard TQM trigger a health-impairment process which increases work overload and exhaustion, whereas soft TQM decreases exhaustion and does not have negative consequences for employee well-being. We also find that managerial support can alleviate the consequences of hard TQM on exhaustion due to work overload.Originality/valuePrevious research has mainly assumed that TQM is welcomed by employees. With the aim of warning of the potential negative consequences of TQM on employees, this paper goes beyond previous contributions by analysing how hard and soft TQM may have different consequences on employees’ exhaustion and how managerial support may mitigate the negative repercussions.