Integration SIB project
For immigrants to find employment as quickly as possible is important in many respects. It facilitates their integration to the Finnish society, eases the shortage of labour faced by Finnish employers, and leads to public savings by increasing tax revenue. The Integration SIB project aims to find employment to 2,500 immigrants within the next three years.
In the experiment, implemented by the Ministry of Economic Affairs and Employment, the employment of immigrants is promoted through private investment, using the SIB (Social Impact Bond) model of impact investing. Funds for the activity are collected from investors who also bear the economic risk. The State only pays for the outcome, which in this case means savings in the public sector.
The Integration SIB project boosts the employment of immigrants by bringing together companies and employees and by customising the training of immigrants according to what is needed at workplaces.
The companies participating in the experiment represent sectors that have difficulties in finding workforce, such as the manufacturing industry, building, trade and services. Jobs in academic sectors may also be found via SIB.