13th November 2017 - Published Date
It is possible to work out the economic value that volunteers make to your organisation by multiplying the total volunteer hours by an hourly wage rate. This could be the national minimum wage or median hourly wage (obtain the first from www.hmrc.gov.uk/nmw and the second from Annual Survey of Hours and Earnings (ASHE) available at www.statistics.gov.uk). The minimum wage probably underestimates the value, while the median wage may overestimate it. You can calculate both and present them as a range, or decide on a reasonable figure between the two.