Volunteer work measurement in a not traditional volunteering model. The case of a U.S. time banking organization

This research aims to analyse different approaches for measuring volunteer work with the study of an important US Service Exchange Program from Maryland. We compare the generalist approach to replacement costs used by this Time Banking Oorganization (TBO) 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 studied shows how in this organization the generalist approach generated an overestimate dollar value with respect to the other approaches proposed by literature and practice. TBOs, 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.