Successful social project: Presentation at the ERSTE Foundation with project partners and Social Minister Johannes Rauch
Vienna (OTS) – atempo, Erste Social Finance and the Federal Ministry for Social Affairs, Health, Care and Consumer Protection are pleased with the successful completion of the project PERSPECTIVE: DIGITALIZATION “The goal of assistance – ava now“. The innovative initiative aimed to address the double challenge of the lack of assistance staff for people with disabilities in Austria and the below-average employment rate of women, especially women with low educational qualifications, after maternity leave or family care leave. The project was successful: 32 women were able to return to work assisting people with disabilities. The project was financed by a social impact bond commissioned by the Ministry of Social Affairs, which was implemented by a consortium consisting of Erste Social Finance, atempo and the ERSTE Foundation. Since the project achieved its objectives, the Ministry of Social Affairs paid back the pre-financed amount. It is a successful example of how private investors use social impact bonds to promote social innovation that benefits society in many ways.
“Social Impact Bonds make it possible to respond to challenges and develop effective measures through innovative approaches. New approaches are particularly important, especially at a time when we are looking for skilled workers in many areas. I am pleased that we were able to set new standards with the successful completion of the second Social Impact Bond. The atempo training and mentoring program enabled numerous women to enter a social professional field after parental leave or family care leave, thereby giving them new perspectives for the future. I would like to thank the atempo project team and the ERSTE Foundation for the successful implementation of the project.”emphasizes Social Minister Johannes Rauch.
The successful completion of the project was celebrated on Tuesday, May 28th at the ERSTE Foundation premises. The event not only presented the results of the Social Impact Bond, but also provided interesting insights into the work and experiences of those involved in the project. Demand for care services skyrocketed, exacerbating existing labor shortages and underscoring the urgency of innovative solutions. atempo’s approach was to simplify the training of assistant staff through digital technologies. The focus of this initiative was the social matchmaking platform “ava”, which not only facilitates the placement of personal assistants, but also offers comprehensive online training modules and mentoring support for people seeking employment in the personal assistant sector. Erste Social Finance entered into a partnership with atempo, and ERSTE Foundation pre-financed the initiative with EUR 300,000.
“It is particularly difficult for women returning to work with low levels of education and in financially weak households to find a job that is compatible with their childcare obligations and is enjoyable. The most important effect of this project is that the previously unemployed women were able to sustainably break the spiral of poverty for themselves and their children.” says the managing director of atempo, Walburga Cheerful.
During the project period, 52 unemployed women contributed almost 30,000 paid hours of work, 32 of whom found jobs as assistants for people with disabilities. The project target was exceeded by 114%. In addition, the further training qualified numerous women for fulfilling work in the social professional field. The majority of the participants had a migration background, some even had refugee experience. Participation in the project not only made integration into the labor market easier, but also significantly improved German language skills and generally the quality of life.
Social Impact Bonds enable private investments to support social innovation by pre-financing a project to solve a social problem. An intermediary manages the process, while the client, usually the public sector, reimburses the investment plus a bonus if successful. Erste Social Finance acted as an intermediary for the project on behalf of the Ministry of Social Affairs. As a result of the successful completion, the ERSTE Foundation as an investor receives the project costs, including a success fee, back from the Ministry of Social Affairs. “Social innovation happens when the right people come together and have the right tools to find new solutions. The ERSTE Foundation is very pleased about the great results that the Social Impact Bond financed by it has made possible.”said Boris MarteCEO of the ERSTE Foundation.
Peter Surekthe managing director of Erste Social Finance, adds: “We are proud to have played a key role as facilitators in the successful implementation of this project, which underlines our commitment to positive change and social innovation in the public sector.”
The atempo team, consisting of Anna, presented their experiences from the project, which they are continuing successfully GrillMelanie Wimmer and Andrew Ausserhofer. In the final panel, Peter discussed the future of social impact bonds in Austria SurekEdeltraud Glettler (Head of section in the Ministry of Social Affairs) with Walburga CheerfulBoris Marte and Christopher Glaser (Board, Beisheim Foundation). The event was moderated by Michael Hagelmüller (Ministry of Social Affairs).
More pictures in the APA-Fotogalerie
Questions & Contact:
FIRST Foundation
+43 50100 – 615458
Martina.Bachler-Huber@erstestiftung.org
First Social Finance
Lucija. Duzel@erstesocialfinance.com