In celebration of Pro Bono Week, Taproot Foundation announces that the 2015 standard for the value of pro bono service has increased 25% to $150 per hour.
The $150 valuation defines the average, per hour value of time donated by business professionals to nonprofit organizations through pro bono services including expertise in marketing, strategic planning, HR, and IT. This study was developed in partnership with CECP, a coalition of 150 CEOs of the world’s largest companies focused on societal engagement, and is based on an analysis of data included in the 2015 Salary Guides produced annually by professional staffing firm Robert Half.
“Pro bono professional services have a huge impact on nonprofits’s bottom lines,” says Liz Hamburg, President and CEO, Taproot Foundation.
“It’s one thing for a nonprofit Executive Director to report to her board that she received outstanding marketing or IT support pro bono but the benefit to the organization is amplified and becomes tangible when she can add that the value of the service was $10,000, $30,000, or upwards of $75,000. The same is true for companies or professionals interested in tracking and reporting their pro bono service.”
The true value of pro bono
This $150 per hour value of pro bono service compares to $23.07 for more traditional volunteering which is the estimated value of volunteer time, as per the 2014 Bureau of Labor Statistics data, indexed by Independent Sector. Both forms of volunteering are critical to providing nonprofits with resources.
“Giving in Numbers: 2015 Edition shows that pro bono is on the rise,” stated Daryl Brewster, CEO, CECP. “The percentage of companies offering it increased from 40% in 2012 to more than half (51%) last year, making it the fastest-growing employee-volunteering program, typically comprising 15% of a company’s overall non-cash giving. When employees use their core job skills in pro bono service to a non-profit partner, they are investing in that organization, adding needed capacity and enhancing their own skill base.”
Delivering on value
Hamburg noted that Taproot Foundation’s online marketplace, Taproot+, which connects pro bono professionals with nonprofit organizations, has delivered $2 million in donated professional services in its first year alone. Going forward, nonprofit organizations will be able use this $150 per hour value to report that completing a project with pro bono consultants from Taproot+ provides nearly $7,000 in value per project. Projects meet a wide variety of needs, such as developing a social media strategy, migrating accounting records from Excel to Quickbooks, or developing brand messaging.
This study was done in conjunction with Pro Bono Week, October 25-31, 2015, a global campaign that celebrates and activates pro bono service. Taproot Foundation, with 14 years’s experience in designing and delivering pro bono service programs, is a key leader and architect of the pro bono movement, and works with partners across the USA and around the world to join together to build awareness for the movement during this year’s week-long effort. Pro Bono Week is made possible through the generous contributions of Deloitte as well as ConAgra Foods Foundation, Prudential, Walmart, and JPMorgan Chase.
About CECP: CECP is a coalition of CEOs united in the belief that societal improvement is an essential measure of business performance. Founded in 1999, CECP has grown to a movement of more than 150 CEOs of the world’s largest companies across all industries. Revenues of engaged companies sum to $7 trillion annually. A nonprofit organization, CECP offers participating companies one-on-one consultation, networking events, exclusive data, media support, and case studies on corporate engagement.