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Salient Points

Salient points of the Young Faculty Award (Project Joining Bonus):

 

  • This novel project was initiated by the Batch of 1982 as a part of its legacy project during the Silver Jubilee reunion year in 2007.
  • Subsequently, the batch of 1983 set a new precedent by supporting an ongoing project and they adopted YFA as an important 50% component of their legacy project.
  • In keeping with this new tradition, batch of 1984 also adopted YFA as a component of their legacy project.
  • Apart from these three batches, many alumni in their individual capacities have lent their support to this project.
  • The senior most known donor is from the batch of 1972 and the junior most is from the batch of 2005.
  • Apart from alumni, some corporate entities like HDFC and a few others have also lent upport to this project.
  • This project generated a lot of excitement in the media and on the campus. Click here to learn more.
  • The fact that the joining incentive of 3 lacs is a tempting offer is supported by the fact the acceptance rate of appointment letters has gone up tremendously. (believed to be currently 60%-up from the previous 20%)
  • It is clear that YFA has incentivized the best teaching and research talent in the country, looking at the research work and profiles of the new joinees, some of whom, have already started winning national awards.  Refer http://sciencecongress.nic.in/html/listscientist.html item 6 for Prof. Subimal Ghosh, Young Scientist awardee for Engg. Sciences conferred by the Indian Science Congress Association.
  • What is most astonishing is that since the first recruiting in June 2008, IITB had hired 59 new young faculty members by December, 2009 i.e. in a space of 18 months.
  • This rate of hiring about 40 faculty members per year is unprecedented and not seen anywhere else.
  • This YFA project has aroused the curiosity of all other IIT directors, most of whom have contacted IITB and sought details of this project.
  • The fact that other institutions like IISc are losing good prospective recruits to IITB has been conveyed to IITB through various channels.
  • During the recent incident featuring IIT faculty demanding a pay hike from the MHRD, many blogspots and online petitions made a mention of IITB’s YFA and how it was helping the young faculty of IITB.
  • We have candid admissions from a few new joinees that YFA did influence their decision to join IITB in preference to other institutes which was their natural first choice.
  • Not surprisingly, this is the most preferred and high priority project of IITB.

 

Why you need to contribute:

 

  • Though this project has received tremendous support and is easily the biggest “financial” project of IITB so far, existing funds are not enough to sustain the project beyond another 3-4 years.
  • The rate of hiring is higher than expected and this is causing a fund crunch in the initial years.
  • Other IIT’s are likely to start implementing similar schemes and only a huge inflow of funds will allow us to stay ahead.
  • Inflation will definitely force us to revise the 3 lac grant to a higher figure and this will increase the need for more funds.
  • With some help from all of you, we may be able to surmount the threshold that can make YFA a perpetual project.
  • Your funds will help IITB attract the best talent in the country. With top ranking students opting for IITB and now with top teachers doing likewise, IITB’s standing amongst all institutes will grow exponentially.

 

Write to YFAfund@iitbombay.org to learn more and about how you can make a permanent difference for IITB.

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