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The Indian Institute of Management-Bangalore one of the best business schools in the country but it seems, no one wants to work there.
The institute aims at hiring 40 more faculty members by 2012. But over the last year-and-a-half, they’ve managed to recruit just six.
Some IIMs have complained to the HRD Ministry but in vain.
“We have tremendous expansion plans for the next five years and we’re also starting a one-year PGD course. And for all this, we need faculty,” says Director IIM-B, Pankaj Chandra.
The biggest hurdle to attracting talent is poor pay. Despite IIM-B being an autonomous institute, it has to adhere to salary specifications laid down by the Pay Commission. This means that though the institute pays salaries from its own funds, the HRD ministry decides what the amount is.
The current package for faculty works out like this: An Assistant Professor gets Rs 32,160 per month, Associate Professors get Rs 43,842 per month, professors who have at least 10 years’ experience get Rs 49,152 per month, something a techie with two years on the job is paid.
“The government is squarely to be blamed. If they don’t change this immediately, and de-link academics from Pay Commission, Indian academia is dead,” says Chandra.
IIM-B has about 510 students right now and this number will go up to nearly 800 in the next three years, when all phases of the OBC quota are implemented.
Today, B-schools abroad have one faculty for every five students, the ratio at IIMB is 1 for every 9 students. With foreign universities offering annual packages upwards of Rs 70 lakh, the IIMs are finding it difficult to attract new professors.