Financial preparedness of heads of departments in the Faculty of health Sciences at the Durban University of Technology KwaZulu-Natal, South Africa

Abstract

This study investigated the financial knowledge and skill levels of the Heads of Departments in the Faculty of Health Sciences (FoHS) at the Durban University of Technology (DUT). These department heads in the FoHS receive no formal training in financial management, yet are required to manage budgets and ensure that their department is financially viable. The study established the financial management proficiency of the Heads of Departments with a view to offering ways in which the financial management of the department heads could be improved. The data generated used a combination of open-ended and closed-ended questions, comprising of both qualitative and quantitative methodology, which followed a pragmatist paradigm. A total of 22 participants, all of whom served as the Heads of Departments between 2013 and 2020 were included in the sample. The researcher used SPSS Version 26® to analyse the quantitative data, and NVIVO to analyse the qualitative data. The identities of all the Heads of Departments in this study are withheld to maintain anonymity. The findings indicated that the financial management skills of these department heads are severely lacking, resulting in departments with compromised financial management. Added to this, universities can no longer rely on 1st or 2nd stream income alone, but departments need to create and manage 3rd stream income. None of this, especially the management of 3rd stream income, is possible without the relevant financial management training. These Heads of Departments require training in the creation of their budgets, as well as in the implementation and control thereof. The department heads agreed that they do not have these skills, and expressed a desire for financial management training.