In a shared space setting, organizations are rethinking the way they manage and share resources. Though not always easy, the payoff can make the challenges worth it. Building a timebank within a shared space is another way to leverage the relationships and provide a framework and platform for sharing skills through the currency of time—time credits. In a timebank, members earn and spend time credits by providing services and accessing services. An time credit earned or spent in the timebank is always worth one hour, no matter what the service. All services are valued equally. Timebanks are redefining work and tapping a limitless resource: time.
In a shared space timebank, organization A might spend 5 time credits to buy 5 hours of web-design assistance from organization B. Then, organization B, with the 5 time credits they earned, might buy 5 hours of meeting facilitation from organization C for a board retreat. In a timebank, organizations earn and spend time credits with any other organization in the timebank. Each organization in the shared space could offer and request services in the timebank—leveraging the skills of their staff and volunteers to obtain needed services that they may not have budgets to cover.
There are software programs available to track offers, requests, and time credits earned and spent. I have found that Community Weaver offered by TimeBanks USA is intuitive and easy to use. Give it a try!