Private universities lure faculty from public institutions

The ever-increasing demand for faculty in private, new-age universities has pushed the salary packages for senior faculty like vice-chancellors and deans past the Rs1-crore or INR10 million mark (US$150,300), write Prachi Verma and Varuni Khosla for The Economic Times.

Private universities are paying INR10 million-plus salaries to senior faculty members, at least five headhunters told The Economic Times. "A good faculty abroad [US, Singapore] gets high packages of around US$250,000 to US$350,000 per annum. Not many institutes can offer this kind of salary across the board. However, there are [a] few institutes [in India] that are offering this at the very top," said Suchet Narain, senior client partner in Korn Ferry, which does senior-level searches in the education space.

Paucity of talent has prompted universities to now rope in headhunters to scout for academics. "The exponential growth of private universities and colleges has further compounded the problem with institutions vying for the same set of professionals available from an extremely limited pool," said Rohin Kapoor, director of Deloitte India.
Full report on The Economic Times site