Personal Transitions Service and Social Investment
Mayday’s Personal Transitions Service (PTS) has been developed to work with Social Investment and Social Impact Bonds as an effective way of financing highly personalised, strength based work.
Funding the PTS through a Social Impact Bond (SIB) allows frontline staff to deliver only to outcomes and gives them the freedom to tailor the approach to the precise requirements of the individual without encountering imposed and unhelpful output measures and contract requirements.
Social Impact Bonds
Over the past 4 years, Mayday Trust has been working closely Social Finance Intermediaries, Numbers for Good, to structure a robust Social Impact Bonds (SIB) framework and contract that delivers outcomes for people experiencing homelessness using the PTS approach.
A new PTS SIB for young people experiencing homelessness, Be the Change has now been commissioned through First for Wellbeing in Northamptonshire, which is a pioneering social enterprise set up as a partnership between Northamptonshire County Council, Northamptonshire Healthcare NHS Foundation Trust and the University of Northampton.
Upfront funding and support are provided by Bridges Fund Management. Mayday will receive payments when we move young people into stable community-based accommodation and when they find employment.
The first Local Authority commissioned SIB
Be the Change is the first SIB for people experiencing homelessness in England where the local commissioners are the primary outcomes payers.
Through this pilot initiative, we hope to demonstrate the case for more commissioners, investors and organisations to engage in the SIB market through replicating the PTS SIB in new areas. Measures around healthcare and offending are also being captured to demonstrate the broader social impact of the PTS.
If you are a Local Authority or delivery organisation looking to get involved or would like to discuss the potential of commissioning a PTS SIB in your area, please get in touch.