Volunteer work measurement for Time banks: The case of Partner in Care Maryland

This research aims to analyse different approaches for measuring volunteer work with the study of an important US Service Exchange Program, Partners in Care Maryland (PIC). We compare the generalist approach to replacement costs used by PIC with other more specialist approaches and we also test the method proposed by ILO Manual that considers the full replacement cost, i.e. assigning the actual wage for the occupation and industry of the work performed to each hour volunteered. The case of PIC shows how the generalist approach generates an overestimate dollar value with respect to the other approaches proposed by literature and practice. Time banking organizations, with a broad range of tasks, should calculate the economic value of volunteer work using a replacement cost approach that considers tasks and fields; and also have to show this value in financial and social statements both for internal and external purposes.