The work of colleges and universities is carried out each day by committed, talented faculty members. The faculty's intellectual capital, taken collectively, is every institution's principal asset. Today, as higher-education institutions are faced with new challenges that only seem to grow more difficult the importance of all faculty members in achieving institutional goals is obvious. With enormous growth in faculty members outside the tenure system and in the diversity of all faculty members, colleges and universities need to rethink their appointment systems and career tracks in order to be able to recruit and retain excellent faculty. In this article, the author introduces these issues and suggests resources to help administrators and faculty member rethink their employment policies and practices for faculty outside the tenure system. (Contains 19 resources.)