Time bank
Credit: Special Arrangement
Joseph, a student in Switzerland, rented a property from Joseena, a 65-year-old retired landlady caring for an 85-year-old gentleman. Joseph admired her altruism and learned she viewed her caregiving as a way to earn “credits” in a time bank, which could be redeemed for assistance in the future. While his approach indicated an expectation of reciprocity, Joseph saw no self-serving motives in her actions. Joseph lived in the same rental unit after completing his education and starting a job nearby.
However, when Joseena suffered minor injuries from a fall, Joseph offered to take leave from work to help her. She encouraged him not to risk his job, mentioning that assistance was already coming from the Time Bank. This incident strengthened their bond and illustrated the principles of community support and mutual kindness in their relationship. This example raises many questions:
How does time bank work?
Are individuals participating in these actions merely for personal gain?
What insights does empathy training provide regarding the concept of a Time Bank?
Does this social model hold any potential for organisations as well?
If businesses seek to integrate this idea into their operations, what strategies can they employ for effective implementation?
The concept of time bank originated from political and economic ideologies gradually manifesting itself into a philanthropic model. During the monetary recession for community services in the USA in 1992, Cahn and the other kindred spirits sparked the impetus in Time Dollars (Cahn, Edgar, 2004). Besides, they laid a strong foundation on five core principles that reflected human dignity, respect, and a service mindset. The time bank may include helping services for others, shopping, teaching music, caring for elderly people, and many other compassionate initiatives.
According to Dr Jamil Zaki from the University of Stanford, empathy may not be an inborn trait in many. Still, it can be cultivated through compassion for the needy (Economist, 2019). This means that empathy or compassion may be cultivated irrespective of initial motives, and gradually, these virtues will become a part of one’s genetic reflection. Therefore, the motive behind the frequent display of empathetic or compassionate actions may become inconsequential over a period of time.
This social model does not exist in the Indian social landscape, and it may require a great deal of brainstorming. However, organisations may experiment with this model. ArchCare (an American non-governmental organisation facilitating time bank) opines that the main purpose of this initiative was to equalise the social/professional play field wherein the people foster empathy and compassion for each other (Forbes, 2018). However, equalising the professional playfield may be irrational regarding job portfolios or monetary returns. Still, expressing empathy or compassion at the workplace may be possible, irrespective of multiple role classifications.
Timebanking UK (TBUK), one of the pioneers in implementing the Time Bank concept, has been helping organisations to promote the paradigm across various corporate corridors through collaborations. According to TBUK, Time-banking may not be restricted only to healthcare or elderly care but goes beyond the organisational landscape.
Organisations can implement this concept to enhance the quality of skill building, social networking, sharing intellectual resources, CSR initiatives, knowledge/skill sharing, etc. The TBUK reported that 85% of the volunteers felt that they were meeting new people, improved mental-health conditions (74%), overcame loneliness (66%), and could receive more help in terms of learning new skills (69%).
How do we establish time banks?
Indeed, it will be a new venture for organisations in India and a life-changing initiative for employees and organisations. One of the major concerns could be the busy schedule of employees. However, voluntarily sharing a hobby with a new friend may not be taxing. The organisations may initiate this practice while considering the following suggestions:
The human resources (HR) department may establish a framework that enables employees to accumulate credits. Monetary exchanges must be strictly prohibited, as this could encourage undesirable behaviours within the workplace.
A dedicated portal should be created for employees to share their unique skills in areas such as music, indoor games, gardening, cooking, and elderly or hospital care, as well as their willingness to engage in social networking to combat loneliness. Access to this portal must be restricted to internal employees only.
Employees needing assistance can submit requests to HR, with the understanding that they may not know who will be volunteering for such services. Volunteers with relevant skills or resources will be randomly assigned to these requests, keeping gender-related sensitivities in mind.
If volunteers wish to donate their accrued credits, they may do so to a community pool. The HR team would then allocate these credits to employees who have exhausted their own.
The HR team should also identify and recognise employees with the highest credit points. These accumulated credits should also be transferable, as employees often pursue new opportunities within the organization.
In today’s corporate world, the saying “Everything is fair in love and war” resonates deeply, revealing the challenging reality many employees face. This environment often leads to burnout and a sense of helplessness among staff. We must tackle this crucial issue while exploring an equitable and common platform to develop the time bank concept.
Although relatively new to India, the time bank idea holds tremendous potential to transform workplace relationships. However, its successful implementation requires careful thought and consideration by those leading the initiative.