A strategy for allocating central funds to support new faculty recruitment

Research output: Contribution to journalArticle

13 Citations (Scopus)

Abstract

Requests for central funding for recruiting new faculty in academic health centers (AHCs) typically exceed available resources. The administration's prioritization of the requests, therefore, involves implicit or explicit predictions of the value of the potential faculty member to the institution. Optimal management dictates that the value of the recruit be assessed both on the extent to which they contribute to the organization's mission and on their capacity to generate revenues. The first premise of this article is that faculty recruits can be considered as "projects," and their potential value to the organization can be estimated in this context. The second premise is that the best way to determine a project's financial worth is by determining the net present value of each potential faculty recruit. The author models the combination of these premises and demonstrates that the approach allows for the more systematic prioritization of resource allocation for faculty recruitment in AHCs.

Original languageEnglish (US)
Pages (from-to)218-224
Number of pages7
JournalAcademic Medicine
Volume80
Issue number3
DOIs
StatePublished - Mar 2005

Fingerprint

Financial Management
Organizations
Resource Allocation
Health
health
resources
Values
revenue
funding
organization
present
management

ASJC Scopus subject areas

  • Nursing(all)
  • Public Health, Environmental and Occupational Health
  • Education

Cite this

A strategy for allocating central funds to support new faculty recruitment. / Joiner, Keith A.

In: Academic Medicine, Vol. 80, No. 3, 03.2005, p. 218-224.

Research output: Contribution to journalArticle

@article{587393d42684466d8f145053a77a985f,
title = "A strategy for allocating central funds to support new faculty recruitment",
abstract = "Requests for central funding for recruiting new faculty in academic health centers (AHCs) typically exceed available resources. The administration's prioritization of the requests, therefore, involves implicit or explicit predictions of the value of the potential faculty member to the institution. Optimal management dictates that the value of the recruit be assessed both on the extent to which they contribute to the organization's mission and on their capacity to generate revenues. The first premise of this article is that faculty recruits can be considered as {"}projects,{"} and their potential value to the organization can be estimated in this context. The second premise is that the best way to determine a project's financial worth is by determining the net present value of each potential faculty recruit. The author models the combination of these premises and demonstrates that the approach allows for the more systematic prioritization of resource allocation for faculty recruitment in AHCs.",
author = "Joiner, {Keith A}",
year = "2005",
month = "3",
doi = "10.1097/00001888-200503000-00005",
language = "English (US)",
volume = "80",
pages = "218--224",
journal = "Academic Medicine",
issn = "1040-2446",
publisher = "Lippincott Williams and Wilkins",
number = "3",

}

TY - JOUR

T1 - A strategy for allocating central funds to support new faculty recruitment

AU - Joiner, Keith A

PY - 2005/3

Y1 - 2005/3

N2 - Requests for central funding for recruiting new faculty in academic health centers (AHCs) typically exceed available resources. The administration's prioritization of the requests, therefore, involves implicit or explicit predictions of the value of the potential faculty member to the institution. Optimal management dictates that the value of the recruit be assessed both on the extent to which they contribute to the organization's mission and on their capacity to generate revenues. The first premise of this article is that faculty recruits can be considered as "projects," and their potential value to the organization can be estimated in this context. The second premise is that the best way to determine a project's financial worth is by determining the net present value of each potential faculty recruit. The author models the combination of these premises and demonstrates that the approach allows for the more systematic prioritization of resource allocation for faculty recruitment in AHCs.

AB - Requests for central funding for recruiting new faculty in academic health centers (AHCs) typically exceed available resources. The administration's prioritization of the requests, therefore, involves implicit or explicit predictions of the value of the potential faculty member to the institution. Optimal management dictates that the value of the recruit be assessed both on the extent to which they contribute to the organization's mission and on their capacity to generate revenues. The first premise of this article is that faculty recruits can be considered as "projects," and their potential value to the organization can be estimated in this context. The second premise is that the best way to determine a project's financial worth is by determining the net present value of each potential faculty recruit. The author models the combination of these premises and demonstrates that the approach allows for the more systematic prioritization of resource allocation for faculty recruitment in AHCs.

UR - http://www.scopus.com/inward/record.url?scp=14644424564&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=14644424564&partnerID=8YFLogxK

U2 - 10.1097/00001888-200503000-00005

DO - 10.1097/00001888-200503000-00005

M3 - Article

VL - 80

SP - 218

EP - 224

JO - Academic Medicine

JF - Academic Medicine

SN - 1040-2446

IS - 3

ER -