Two mea culpas: First, I forgot to include this in our original list and then left it out between items 11 and 13. Second, in our previous discussion about visiting professors, I overestimated the salary for visitors, especially junior professors. I just used the average total compensation for Williams faculty ($135,000) and then rounded down to estimate $700,000 saved by not hiring 7 visitors. I assumed that the mix of visitors was not that different, in terms of seniority, than the faculty as a whole and that Williams, being an egalitarian place, would pay equal wages for equal work. But I was wrong! Williams pays junior visiting professors much less than tenure-track visitors. Professor Sam Crane was kind enough to mention that my estimate was wrong but not patient enough to provide a better one. (That whole thread represents either the best or worse of EphBlog discussions, depending on your point of view. Highly recommended!)
Anyway, Williams hires lots of visiting professors each year. Nothing wrong with that practice when we were rich. But now we are less rich, so we need to save that money. No more visitors. (I count 9 scheduled for next year.) Some of these are paid for out of dedicated funds. Fortunately, money is fungible and most dedicated endowments provide some wiggle room, thereby the College can move that money elsewhere. Total savings? Maybe $500,000 per year.
Might the College still have one or two visitors in special situations? Sure, at least in theory. The problem is that as soon as you tell Department A that, because of their special situation, they can have a visitor, then Department B will claim (often reasonably!) that they are in the same situation as A. Best to just enforce a standard rule. A side benefit is that such a policy will help to shock the faculty into realizing how serious the situation is.