Originally Posted by
727gm
The safety pilot exists solely for the benefit of the pilot under the hood, not for the benefit of time-builders. Simply don't log it at all. You're not flying. You're looking out for the other guy so he can practice instrument flying in VFR conditions. Maybe the guy under the hood will feel grateful enough to sit as safety pilot for you when you want some instrument-reference practice.
It's not flighttime, don't log it. Timebuilders are all the same, trying to wring hours out of every poorly-worded FAR or shakey situation.
It is a well established means of building time, and generally accepted in the industry especially at the entry level. Some employers may limit the amount of SP time applied to specific minimums (such as ME time) but they all count it as total time. The SP is functional part of the crew and participant in the conduct of the flight. Is it is as good as hand flying? Of course not, and employers take that into account.