Dividing Time

I have one cell with a sum of time reduced by allowing staff to leave early on days where we're slow. I'm using the custom format [h]:mm. All I want to do is divide that number by 37.5 hours and I'm having a fair bit of trouble. Any pointers on what formula and/or syntax I should be using? I've tried simply doing =A1/37.5 but the result I'm getting back is not correct.

I'm looking to have the result represented as a number w/ 2 decimal places to indicate the FTE (Full Time Equivalent = 37.5 hours per week) we've saved.

Try either

=A1*24/37.5

or

=A1/"37:30"

format as number