Project
| ID | INDIGO-POJ-0218 |
|---|---|
| Impact Bond Name - (Value) | Sticking Together SIB |
| Stage of Development - (Value) | Implementation |
| Social Investment Prototype - (Value) | NO |
| Dates - Date outcomes contract signed - (Value) | 2018-09 |
| Dates - Date contracts between all parties signed - (Value) | 2020-12 |
| Dates - Anticipated completion date - (Value) | 2023-06 |
| Dates - Actual completion date - (Value) | 2020-06 |
| Dates - Start date of service provision - (Value) | 2019-04 |
| Dates - Anticipated end date of service provision - (Value) | 2023-03 |
| Dates - Actual end date of service provision - (Value) | 2020-06 |
| Dates - (Notes) | End date under SIB is 30/06/2020 - however, services continued under alternate funding arrangement |
| Overall project finance - Total investment commitment - Currency - (Value) | USD |
| Overall project finance - Total investment commitment - Amount - Exact - (Value) | 5000000 |
| Overall project finance - Total investment commitment - Amount USD - Exact - (Value) | 5000000 |
| Overall project finance - Maximum potential outcome payment - Currency - (Value) | USD |
| Overall project finance - Maximum potential outcome payment - Amount - (Value) | 11800000 |
| Overall project finance - Maximum potential outcome payment - Amount USD - (Value) | 11800000 |
| Overall project finance - Maximum potential loss - (Value) | 0.5 |
| Overall project finance - Maximum potential return - (Value) | Maximum 12.5% p.a. return. 3% p.a. for first 2 years, years 3-5 dependent on outcomes. Target 7.1% p.a. return. |
| Overall project finance - Configuration of the Contracting Parties - (Value) | Direct Structure |
| Purpose and classifications - Social challenge - (Value) | Young people now make up 26.6% of the people experiencing long-term unemployment, up from 22.6% in 2008. The national youth unemployment rate in Australia has been persistently high for the past 25 years and is often double the adult rate. In July 2018 the national youth unemployment rate was 11.1% compared to the national adult rate of 5.3%. Young people under the age of 25 are typically less experienced and are more exposed to precarious jobs than adults. Casual and seasonal employment is common, providing lower long-term job security and career development opportunities. Some young people experience additional barriers to employment, including mental health issues, lack of stable accommodation, disability and criminal justice system involvement. |
| Purpose and classifications - Intervention - (Value) | The Sticking Together Project is an intensive 60-week coaching program that supports young people to get ready for work and, importantly, develop life skills that enable them to stick with their jobs. |
| Purpose and classifications - Policy sector - (Value) | Employment and training |
| Purpose and classifications - (Source ID's) | source3 |
| Purpose and classifications - (Notes) | The program is intended to provide additional support to the Commonwealth jobactive services, by providing holistic support to young people with complex and multiple barriers to employment to find and sustain employment. |
| Service and beneficiaries - Target population - (Value) | Young people who are unemployed and experiencing multiple barriers to employment |
| Service and beneficiaries - Targeted number of unique service users or beneficiaries (total) - (Value) | 870 |
| Service and beneficiaries - Unit type of targeted service users or beneficiaries - (Value) | Individual |
| Delivery Locations 1: Service Provision ID - (Value) | deliverylocation1 |
| Delivery Locations 1: Location - Name - (Value) | New South Wales |
| Delivery Locations 1: Location - Country - (Value) | AU |
| Delivery Locations 1: Lat/Lng - Lat - (Value) | -31.840233 |
| Delivery Locations 1: Lat/Lng - Lng - (Value) | 145.612793 |
| Sources 1: Id | source1 |
| Sources 1: Name - (Value) | Social Ventures Australia website visited on 05/10/2021: https://www.socialventures.com.au/work/sticking-together-social-impact-bond/ |
| Sources 1: Type - (Value) | Website |
| Sources 2: Id | source2 |
| Sources 2: Name - (Value) | Email correspondence with Social Ventures Australia on 28/07/2021 |
| Sources 3: Id | sourcehackandlearn2022-03 |
| Sources 3: Name - (Value) | Hack and Learn - March 2022 |
| Sources 4: Id | source3 |
| Sources 4: Name - (Value) | Review of the Sticking Together Project (STP) Final Report (Prepared for the NSW Department of Education, May 2021) |
| Sources 4: Type - (Value) | Report |
| Sources 4: URL - (Value) | https://www.osii.nsw.gov.au/assets/office-of-social-impact-investment/files/Review-of-the-Sticking-Together-Project.pdf |
| Service Provisions 1: Id | serviceprovision1 |
| Service Provisions 1: Organisation ID - (Value) | INDIGO-ORG-1249 |
| Service Provisions 1: Intervention - (Value) | The Sticking Together Project is an intensive 60-week coaching program that supports young people to get ready for work and, importantly, develop life skills that enable them to stick with their jobs. The program will find ways to improve each young person’s connectedness, motivation and personal self-worth through the lens of home, health and relationships, and will also provide support to their employers |
| Outcome Payment Commitments 1: Organisation ID - (Value) | INDIGO-ORG-0572 |
| Outcome Payment Commitments 1: Organisation Role Category - (Value) | Government/Public Sector/Public Bank |
| Outcome Payment Commitments 1: Maximum potential Outcome payment - Currency - (Value) | USD |
| Outcome Payment Commitments 1: Maximum potential Outcome payment - Amount USD - (Value) | 11800000 |
| Investments 1: Id | investment1 |
| Investments 1: Organisation ID - (Value) | INDIGO-ORG-1250 |
| Investments 1: Investment Commitment - Currency - (Value) | USD |
| Investments 1: Investment Commitment - Amount - Exact - (Value) | 5000000 |
| Investments 1: Investment Commitment - Amount USD - Exact - (Value) | 5000000 |
| Investments 1: Maximum Potential loss - (Value) | 50% of principal |
| Investments 1: Maximum Potential Return - (Value) | Maximum 12.5% p.a. return. 3% p.a. for first 2 years, years 3-5 dependent on outcomes. Target 7.1% p.a. return. |
| Investments 1: Investment Type - (Value) | Debt |
| Intermediary services 1: Organisation ID - (Value) | INDIGO-ORG-0013 |
| Intermediary services 1: Organisation Role Category - (Value) | Impact bond design |
| Intermediary services 1: Other Role Description - (Value) | All roles - except performance management, which is the role of government. |
| Intermediary services 2: Organisation ID - (Value) | INDIGO-ORG-1251 |
| Intermediary services 2: Organisation Role Category - (Value) | Legal counsel |
| Intermediary services 2: Notes | Acting for Social Ventures Australia |
| Outcome Metrics 1: Id | outcomemetric1 |
| Outcome Metrics 1: Outcome Definition - (Value) | The number of hours that the young people collectively spend in work and work-like activities during their 60 weeks of coaching. |
| Outcome Metrics 1: Target Population - (Value) | 870 |
| Outcome Metrics 1: Outcome metric target - (Value) | 288,000 hours above the counterfactual, or 8.5 hours per active participant per week above the counterfactual (3 hours per week) |
| Outcome Metrics 1: Outcome validation Method - (Value) | Historical comparison |
| Outcome Metrics 1: Data source for Outcome validation - (Value) | New data collected |
| Outcome Metrics 1: Primary SDG goal - (Value) | 8 |
| Outcome Metrics 1: Primary SDG target - (Value) | 8.6 |
| Outcome Metrics 1: Notes | Data sources include: SYC data (collected from participants) and Federal Government data for the baseline data. |
| Results 1: Outcome Metric Id - (Value) | outcomemetric1 |
| Results 1: Result level - (Value) | Project level |
| Results 1: Result type - (Value) | Interim |
| Results 1: Period - Start - (Value) | 2019-04 |
| Results 1: Period - End - (Value) | 2021-02 |
| Results 1: Outcomes achieved - (Value) | The program has engaged 444 young people from April 2019 to February 2021. Performance of the program was measured by cumulative incremental work and work-like hours relative to jobactive. The employment outcomes achieved to date demonstrates the program may not deliver substantial employment outcomes above jobactive services. 36 young people sustained employment for at least 26 non-consecutive weeks within the 60 week program. They worked an average of 22 hours per week, with two thirds increasing their average hours of work per week during their engagement with STP. When only considering participants who have completed the program, the average participant recorded 475 approved hours of work, over 19 weeks. While one third of participants were able to engage with employment, there is evidence of a significant drop off in sustained employment outcomes. |
| Results 1: Number engaged In impact bond - (Value) | 444 |
| Results 1: Number with Positive social outcomes - (Value) | 163 |
| Results 1: Notes | In total, 444 young people participated in STP from 1 April 2019 to 1 Feb 2021. Approximately 37% of the total cohort (n=163) were active in the program at 1 Feb 2021. At this time, 197 young people (44%) had completed the program and 59 young people (13%) had exited the program. To date,144 young people (32%) found employment while with STP. Employment is recorded in cases where a young person engaged in at least one approved hour of paid work. On average, it took young people 15 weeks to find work from STP commencement and each worker undertook, on average, 22 paid hours per week. Approximately 42% of young people recorded more than 400 approved employment hours, 11% higher than among all participants. About twothirds of participants (63%, 90 young people) who found employment recorded four consecutive weeks of work (of at least 3 hours per week), which dropped to 25% at 13 weeks and 6% at 26 weeks. |