Over the last two decades policymakers and researchers of most "stripes" have come to conclude that teachers make the most difference in raising student achievement, and strong principals are key to school improvement. As a result, a wide array of initiatives have been launched to attract non-traditional recruits to education, measure effective teaching and label "highly qualified" teachers, train principals differently, and the like. And no doubt, progress has been made. However, America's public schools still rest on a relatively dysfunctional system of teacher and principal development. Several recent opinion polls indicate that the new generation of teachers is more open to major changes in their profession and the "strategic management of human capital." However, the responses seem to be all over the map--suggesting there is a lot more to learn about what new teachers believe they need to be effective and how they differ or not with their more veteran counterparts. This paper presents several highlights from five recent reports. In addition to outlining key strategies, the authors are in the midst of assembling insights from a variety of experts who are engaged in the Strategic Management of Human Capital (SMHC) efforts nationwide as well as assembling data from local school districts, complemented by interviews with administrators, teacher educators, and teachers. This paper also discusses the issues raised so far. (Contains 15 endnotes.) [This paper was prepared for the Rose Community Foundation Leadership Convening October 30, 2008.]