My Development colleagues and I had a busy and productive trip to New York City this past December. We met with alumni and donors, and our message resonated strongly with everyone.
Our message was twofold: 1) we must keep moving forward and can't afford to wait for the appointment of a permanent dean and 2) our fund-raising efforts in the near future will focus on faculty support (for chair positions, professorships and faculty development), and student support (for programs, services and scholarships). I have already outlined the need for scholarship support in my previous blog post, but now I want to underline and explain the value of growing our faculty support.
The reputation of an academic unit is due to its faculty and the success of its alumni. Recruiting and retaining talent is difficult in professional schools (such as business) because, in addition to the competition within academic circles, faculty have attractive employment opportunities outside academia. The endowment of chairs and professorships is the most effective mechanism by which business schools have been able to attract and retain outstanding faculty. Accomplished full professors (i.e., faculty members with the highest academic rank) are attracted to academic positions that include endowed chairs or professorships that recognize their scholarship and that provide the financial resources to pursue ambitious research and teaching agendas. Also, the availability of endowed chairs and professorships gives large incentives for junior faculty to commit to a long term academic career within the same school. Finally, endowed chairs and professors are more likely to attract additional external resources from industry and government agencies.
While schools comparable to Leeds often have 20 endowed chairs or professorships, we unfortunately have only 6 named professorships. This low number compared to the great opportunities that come from additional endowed chairs and professorships is why we are devoting significant effort to securing additional funds for faculty support.
Our message was twofold: 1) we must keep moving forward and can't afford to wait for the appointment of a permanent dean and 2) our fund-raising efforts in the near future will focus on faculty support (for chair positions, professorships and faculty development), and student support (for programs, services and scholarships). I have already outlined the need for scholarship support in my previous blog post, but now I want to underline and explain the value of growing our faculty support.
The reputation of an academic unit is due to its faculty and the success of its alumni. Recruiting and retaining talent is difficult in professional schools (such as business) because, in addition to the competition within academic circles, faculty have attractive employment opportunities outside academia. The endowment of chairs and professorships is the most effective mechanism by which business schools have been able to attract and retain outstanding faculty. Accomplished full professors (i.e., faculty members with the highest academic rank) are attracted to academic positions that include endowed chairs or professorships that recognize their scholarship and that provide the financial resources to pursue ambitious research and teaching agendas. Also, the availability of endowed chairs and professorships gives large incentives for junior faculty to commit to a long term academic career within the same school. Finally, endowed chairs and professors are more likely to attract additional external resources from industry and government agencies.
While schools comparable to Leeds often have 20 endowed chairs or professorships, we unfortunately have only 6 named professorships. This low number compared to the great opportunities that come from additional endowed chairs and professorships is why we are devoting significant effort to securing additional funds for faculty support.
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