The Q3.2011 issue of Briefings on Talent & Leadership by the Korn Ferry Institute relates a very interesting term and its definition on p. 11 under "Say what?", sourcing it from moneywatch.com at CBS.
Bus factor, n. A measure of how much the company would suffer if person X got hit by a bus. Example: "Jane has a really high bus factor."
In your school, which folks have the highest bus factors? Not just administrators--think faculty and staff...especially staff!
By the way, what's YOUR bus factor?
How can we mitigate the bus factor for key individuals?
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We would suffer regardless who was hit by the bus. How long will he/she be out? Will the victim require a replacement? Is it only a matter of dollars? Our high bus folks are probably the building and grounds crew as we would all suffer badly and equally whereas a staff member or faculty member would affect fewer people on a daily basis. I think the cost cannot be measured solely in economic terms and that it's important to factor in the emotional component as well. Now try building that equation!
Posted by: Gary Gruber | 07/27/2011 at 05:44 PM