Let us first look at Harvard University, widely considered by academicians as the best university in the world. A clue to Harvard's greatness can be found in the way it approaches its faculty appointments. Its administrators consider outstanding faculty as a prerequisite for greatness in a university.
When Harvard decides to hire someone in any department, its management first asks this question: who is the best in the world in this area? They make a small list of the best candidates and offer the job to whoever tops the list. If he or she does not accept the offer, they go to the second best. And so on, till they get the best possible candidate for the job.
Harvard is flush with funds, and so it can afford to pay very well. If you look at the top 10 or 15 universities, one of the first things that strike you is their generous endowments. Harvard tops the list with $32 billion, but other universities are not badly endowed either. Even the universities of Cambridge and Oxford, which are public universities, have endowments of $8.2 billion and $6.3 billion, respectively.
Large endowments let universities set up attractive campuses, buy sophisticated equipment and provide generous scholarships to deserving students. Above all, they let them offer highly competitive salaries. "High salaries are very important to get the best faculty in the world," says National Research Professor RA Mashelkar. "They are particularly important for a new university without a long tradition." Mashelkar has also been a visiting professor at Harvard for the last six years.
Harvard is flush with funds, and so it can afford to pay very well. If you look at the top 10 or 15 universities, one of the first things that strike you is their generous endowments. Harvard tops the list with $32 billion, but other universities are not badly endowed either. Even the universities of Cambridge and Oxford, which are public universities, have endowments of $8.2 billion and $6.3 billion, respectively.
Large endowments let universities set up attractive campuses, buy sophisticated equipment and provide generous scholarships to deserving students. Above all, they let them offer highly competitive salaries. "High salaries are very important to get the best faculty in the world," says National Research Professor RA Mashelkar. "They are particularly important for a new university without a long tradition." Mashelkar has also been a visiting professor at Harvard for the last six years.
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