What’s the value of unpaid work?

In the field of aging, an enormous amount of valuable work is not paid for by wages. But if it were, what would it cost? And who would pay it?

We can answer at least the first question.

According to Independent Sector (IS), the value of a volunteer hour in 2006 was $18.77, up from $18.04 per hour in 2005. That’s a national average: in Wisconsin, where pay rates are lower, the value of an hour is listed as $15.63.
The figure is calculated using the average hourly wage for all non-management, nonagriculture workers from tables compiled by the Bureau of Labor Statistics. Twelve percent is added for fringe benefits.

If your organization uses volunteers, the figure can help you give a better picture of the value you receive or give—or in many of our cases, both. The site also links to Financial Accounting Board Standards for determining the value of volunteer services for financial statements. Generally, only special skills work your organization would have to purchase if it were not donated is covered.

IS is a "nonpartisan coalition of approximately 575 organizations leads, strengthens, and mobilizes the charitable community in order to fulfill our vision of a just and inclusive society and a healthy democracy of active citizens, effective institutions, and vibrant communities.”

A lot of food for thought here. What do you think about unpaid work in your field or other parts of your life?