Citizen volunteerism is growing at a rapid rate, fueled by the poor economy, President Obama’s public call-to-service and allocation of stimulus dollars to government-funded service programs. But the time is also right for a surge in corporate volunteerism.

We know employee volunteerism is a valuable way for companies to give back to their communities and boost morale among employees, and a new study released by the Taproot Foundation’s Pro Bono Action Tank (PBAT) and the Committee Encouraging Corporate Philanthropy (CECP) provides a helpful standard for companies to better measure their contributions.

This valuation, of what can be an ambiguous line item for businesses that aren’t professional services firms, may provide the incentive they need to send more employees to serve their communities. The standards will allow corporations to more accurately track and report the value of pro bono services as cash equivalents, according to Charles Moore, executive director of the CECP.

As the old business axiom goes, what gets measured gets done.