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and urban amenities only get you so far, says Rotman's Pauly. "A school has to provide an environment that is stimulat- ing," he says. And, inmany cases, schools have to accommodate individ- that we're part of a vibrant economic region, and we want to make sure they experience that," says Richard Klimoski. To underscore the relationship between the community and the faculty, George Mason recently featured its new hires on the cover of the school's magazine. The article inside explored their reasons for choosing the school—and also provided an excellent way for the school to communicate their strengths to stakeholders. "That article was one way we sent a strong message both to the new faculty and our community," says marketing communications director Dan Mackeben. For the first year or two after an individual has been brought on board, both the new hires and the schools strive to make the fit a good one. "By and large they want to suc- ceed and we want them to succeed," says Klimoski. "During the first two years, unless something extraordinary happens, it's rare for people to jump ship. The wanderlust starts after that. In a sense, you have a couple of years to solidify the relationship. After that, a lot of forces are in play." One of those forces, of course, might be the desire for more money. That's particularly true as new faculty are brought on board at higher rates of income than senior pro- fessors—and deans have to figure out how to cope with that disparity or risk losing key people. "I'm now having to focus on ways to build some reserves so I can match salaries when one of my faculty comes in with an offer from another uni- versity," says Phillips. Sometimes, of course, despite a dean's best efforts, faculty will decide to leave. That's when the whole hiring process starts over again. Nonetheless, one of its biggest recruiting challenges lies simply in letting new Ph.D.s know that the school exists. Tan believes that most faculty are attracted to SMU because of the efforts and reputation of the university's various deans, who come from prestigious institutions such as Stanford, Wharton, and Carnegie Mellon. "We have had to work aggressively in our planning, organization, and networking," he says. Singapore, like D.C., also lures potential faculty because it is a sophisticated metropolitan area. The University of Toronto enjoys the same attractiveness—but lifestyle issues uals from dual-career families. "We have a universitywide spousal employment program which allows us to help people find something that is appropriate for them," Pauly says. "Within the university, we have incentive programs across departments. Therefore, if one department wants to hire or retain a faculty member, another department might find roomfor the spouse.We have to look at all those facets of our professors' lives and take care of them." Indeed, at some point schools might not just be looking for where to place the spouse—they might be looking for where to place the family.DanMackeben, director ofmarket- ing communications for the School of Management at GeorgeMason, says that in the future the school will consid- er developing town houses near the university where faculty can reside. This would provide a lower-cost alternative to high-priced housing in the D.C. metropolitan area. It would also be one more way to make the school attractive to candi- dates with multiple job offers. Changes Ahead Despite efforts to hire creatively and make their schools attractive to newcomers, deans know that finding enough fac- ulty will be an ongoing challenge in the coming decade. Indeed, if the current shortfall continues, it could help re- shape the way business schools deliver education. Harr of George Mason predicts that more courses will be offered in lecture-hall style, followed up by labs where grad students interact with smaller groups of students. "That will allow us to leverage the expertise of our top faculty even when there are fewer of them around," says Harr. "We'll also work with other schools to develop best practices on how to make use of faculty time." Pauly of the University of Toronto expects the future to hold a segmented landscape ofmanagement education, where only a few dozen schools actually generate knowledge, while the rest deliver "canned" programs devised by respected aca- demics. "We certainly want to be in that first group," he says. No matter how the business school market changes in the future, deans inevitably will have days where they will have to strategize about their next faculty hire. Like any good invest- ment, the investment in human capital can be expensive but enormously rewarding. In any case, it's an essential one if administrators want their programs to keep paying dividends in the years to come.s z BizEd NOVEMBER/DECEMBER 2005 43