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There area number of ways, but I do not agree with your decision to have two tables. There are many ways to keep applicants and volunteers apart without splitting them into two tables. Doing so can limit some of your options for how you work with this data. Limits that you won't have if you keep them together in one table.
But Import records can import a found set of records from one table to another, even if both tables are in the same file. So you can isolate an applicant record in a found set of just one record, then import it to volunteers followed by deleting the applicant.
A script that transfers the data one field at a time using set field and a technique called magicKey could do this.
A script that copies each field's value to a variable, switches layouts to a layout based on Volunteers before creating the new record and using set field to copy the data from the variable to the new record could also be used.