The value of volunteer time increased by nearly 50 cents to $16.54 per hour in 2002, according to Independent Sector, a coalition of organizations representing the nonprofit sector. The hourly value, updated yearly, is based on the average
hourly earnings of all nonagricultural workers as determined by the U.S. Bureau
of Labor Statistics. The coalition takes this figure and increases it by 12
percent to estimate for fringe benefits.For a Limited Time receive a
FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with
customized information for your industry, location, and job.
Get Your Report Now!"Independent Sector has long known the value of volunteering is immeasurable,
both for the person who volunteers and for the organization and people served,"
says Peter Shiras, interim president and CEO of the organization. "The
monetary value of volunteer time serves as an estimate to help nonprofit organizations
quantify this valuable resource."
The coalition produces a biennial survey on the giving and volunteering patterns
of Americans. According to the most recent survey, Giving and Volunteering
in the United States, 2001, 44 percent of adults volunteered. When asked
why they gave of their time, respondents most commonly cited compassion. Survey
participants also attributed their volunteering to the belief that those who
have more should help those with less. Volunteers also gave of their time because
they knew of someone who would benefit from their volunteering, and others said
volunteering was a good way to meet people.
"While we recognize that volunteers offer a wide variety of services,
this estimate provides a uniform way for volunteer managers, nonprofit executives,
government agencies, and others to account for the value of volunteer time,"
says Gordon Green, Ph.D., vice president of research at IS.
Over 55 percent of adults volunteered in 1998, according to the coalition.
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