Ensure that the Professors are motivated and enthusiastic about their work

It has been observed that of late the engagement level of Professors in a reputed Management Institute in U.S.A is low, and there has been a high level of attrition amongst the Professors, especially the senior and experienced lot. The Professors are paid competitive salary, which is at par with other Professors in similar Institutes in U.S.  The average age of the Professors is 50 years and most of them have spent a minimum of 10-15 years in the Institute. The Institute is doing extremely well since the past few years, and is much in demand by aspiring students. The Institute is known for the quality of education provided, and the vast amount of resources available in the Institute library. The number of batches added in the Institute has increased significantly over the past 3-4 years and the Professors are a bit stretched in terms of Courses to be taught. The Professors are given lot of freedom at the Institute, and allowed to hone their skills or provide Consultancy services to Corporates during their free time.  However, with the present scenario of increased batches, this is getting more and more difficult to manage.

Keeping in mind the increased work load, the Institute has added a few young members as faculty across various streams. These are bright and technology-savvy individuals who are well- versed with the latest developments in their respective areas.

Outline the specific steps you would take to first find out the exact cause of this issue. Then, recommend the action plan (minimum 3 high quality action points), which you would recommend to the Dean of the Institute to ensure that the Professors are motivated and enthusiastic about their work. You can make necessary assumptions here and state the same at the start of your response.