For years, the University of Nottingham (UoN) has prided itself for its low debt levels and low cash reserves as a sign of highly efficient financial management. Yet, when the pandemic hit in March 2020 this lean financial management strategy unravelled. In order not to break the conditions of its Revolving Credit Facility (RCF), the University had to adopt drastic measures. It cut expenses by 15 per cent across the board followed by a Voluntary Redundancy scheme of unprecedented proportions. More than 400 members of staff left the institution. This has meant that workloads for remaining staff have skyrocketed and morale is extremely low.
There has to be a better way and there is.
Continue reading “Challenging Lean Financial Management: An Alternative Financial Strategy for UoN.”