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to be able to pay what the market demands. A few years ago, for example, Rice University's Jones Graduate School of Management began a campaign to expand and make over the school, hiring more than 20 new faculty in the process. Gilbert R. Whitaker, who retired in July as dean of the Houston-based school, says he was given the go-ahead to pay market salaries for new hires. "That was very important, because business school salaries are extremely high," he says. "We don't have a law or med- ical school, so we're out front in terms of compensation on campus. But we've been given the authority, within our budget, to pay what's necessary to attract strong faculty." When salaries for new professors threaten to rise higher Hire The faculty shortage and salary inversion are compounding the difficulties of a task that is, even at its easiest, a delicate and painstaking endeavor. Yet, most deans must hire faculty at various points, even if just to replace those who retire. To find the best new candidates while retaining the senior faculty they already have in place, deans must be creative, flexible, patient, and focused. The Biggest Problem One of the first dilemmas deans will face as recruiters is how to hire new faculty without exceeding the budget. It's clear to deans that if they're going to be serious players, they have than salaries for existing professors, it's time to be open and collaborative with the faculty. Senior faculty realize that the future of the school is at risk if it doesn't recruit well, says Richard Klimoski, dean of GeorgeMasonUniversity's School ofManagement. The school, which is located nearWashing- ton, D.C., in Fairfax, Virginia, has been aggressively expand- ing its faculty roster. "We don't want anyone at the senior level to leave because they feel frustrated or insulted, so we involve them in discussions," says Klimoski. "At what level should we recruit? What will we have to pay?" This helps smooth the way, he says, when high-priced new talent is recruited. While it's essential to offer competitive salaries, deans say by Sharon Shinn illustrations by Lou Beach it's possible to focus on lifestyle factors instead of dollar signs when negotiating with potential hires. "You may find facets of the offer thatmeanmore to themthan $10,000 in salary," says Susan Phillips, dean of the School of Business at George Washington University in Washington, D.C. The school has hired 11 new faculty in the past two years. "In some cases, you can be creative in putting together a competitive offer. For instance, we offer freeGWtuition to the children of faculty. That's a huge benefit to some people." Schools can also offer other incentives. The Ph.D. shortage throughout Latin America makes it difficult for Mexican schools to compete for top talent, says Carlos Alcérreca, dean of the Division of Administration and Accounting at the Instituto Tecnológico Autónomo de México (ITAM) in Mexico City. To make up for the short- fall, ITAM encourages its top students to study abroad, pro- viding scholarships and loans—and forgives the loans if stu- dents return to teach at ITAM. "These students have ties to our city and will stay here over the long term," says Alcérreca. BizEd NOVEMBER/DECEMBER 2005 39