Abstract

Abstract
Purpose – Social Impact Bonds (SIBs) have become a favoured way to fund public
services, including housing, prison and homelessness projects, in an era of austerity.
In a growing critical literature on SIBs, a largely absent voice is that of the link
worker. The report focusses on the views of link workers in a SIB funded project
which works with long term entrenched rough sleepers in the East of England.
Design/ Methodology/ Approach – Interviews with link workers were conducted
with a thematic analysis echoing many of the views expressed in the critical literature
about the problems, but also some of the advantages that SIBs offer to this type of
project.
Findings – Three key themes were: discomfort with the funding mechanism; flexible
and innovative interventions that SIBs make possible; and problems with the
outcome measures that trigger payments. We conclude that if SIBs are to achieve
their promise of providing funding which leads to effective solutions to deeply
ingrained social problems, there needs to be more careful evaluation of their true
benefits in comparison to publicly funded projects, adoption of more appropriate and
project specific outcome measures; and a much clearer explanation and justification
of the way in which SIB funding works.
Originality – Few studies have specifically explored the perceptions of link workers
in the homelessness service. This study highlights the concerns but also benefits
associated with the use of SIB as a funding mechanism within the homelessness
sector.