There's a variety of models you can use to report on the benefits and value of your volunteer engagement. While each has its own potential merits, my focus is on the Relative Impact Model.
The Wage Replacement Model vs The Relative Impact Model
Consider the story of Peter*, a volunteer, and Samuel, someone who undergoes weekly life-saving treatments. Peter volunteers in an agency that provides rides for people who need to get to medical appointments but can't get their on their own.
The Wage Replacement Model takes the two hours of Peter's time each week and multiple it by a set figure. I like to use a round number so let's call it $30 / hour. In this case it appears as though we could report this as a $60 benefit to the organization.
The Relative Impact Model considers this engagement from the perspective of Samuel, the person receiving the benefit. When COVID hit and the volunteer program was temporarily shuddered, Samuel had to take a taxi instead of riding with Peter. The round trip cost him $170.
The Wage Replacement Model under-reports the value of this volunteer engagement by at least $110. I say at least because Peter is a very friendly guy so the rides with him were much more than just a ride.
While not all volunteer opportunities have an obvious commercial service comparison to work with, there are ways to apply this model across a wide variety of volunteer experiences. I can help you identify the applicable values throughout your organization.
*Peter is my cousin and this is a true story
