Page added on March 1, 2013

Timebanking in Leicestershire

A new project is being piloted in Leicestershire and adult social care, community and health organisations are being sought to sign up to this project to share their skills, assets and knowledge.

The project, known as a Timebank, is a way of organisations sharing the skills and assets that they have at their disposal, with no cost to either party.

Timebanking is a means of exchange used to organise people and organisations around a purpose, where time is the principal currency. For every hour participants „deposit in a Timebank, perhaps by giving practical help and support to others, they are able to „withdraw equivalent support in time when they themselves are in need.

In each case the participant decides what they can offer. Everyone’s time is equal, so one hour of a persons time is equal to one hour of another persons time, irrespective of whatever is exchanged. 1 Hour = 1 Time Credit.

An organisation will ‘offer up’ the assets and skills that it is willing to share i.e. space, work related skills, knowledge, training etc. Another organisation will take advantage of the ‘offer’ and the exchange occurs. The organisation that ‘provides’ the asset or skill receives ‘one time credit’ which equals ‘one hour’.

The organisation that receives it spends a ‘time credit’. Organisations can also put forward to the Timebank the things that it requires. Again this could be anything, perhaps some advice, space, equipment. This request will be put out to the community of time bankers and hopefully someone will be able to assist, and in doing so gain a ‘timecredit’ to spend on things that they may require in the future. These types of exchanges create a community where multiple transactions occur in many different settings.

By using a Timebank, organisations can access things that may have a cost in the normal economy, without spending money. They can further both their business aims and those of the people that are using services. They can also build up new relationships and partnerships that can go off into multiple directions.

If you would like to sign up for the Timebank or would like to arrange a meeting to discuss the benefits further contact James O’Flynn in Leicestershire County Council’s, Market Development Team.