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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Legal & General    LGEN   GB0005603997

LEGAL & GENERAL

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Legal & General : Care Sourcer launches free health and wellbeing support for over 800,000 UK care workers

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09/09/2019 | 12:02pm EDT

9 Sep 2019

Care Sourcer, the UK's first comparison and matching site for elderly care, has today announced that it is launching a free Employee Assistance Programme (EAP) to all UK care provider employees.

The free programme, provided through Health Assured and initially funded by Legal & General, is available to employees of both care homes and care-at-home providers.

Care Sourcer's EAP will provide a complete support network that offers expert advice and compassionate guidance 24/7, covering a wide range of issues including mental or physical stress, bereavement of residents they have formed close bonds with, money worries, and general low morale. Stress, depression, anxiety and sickness are highly prevalent amongst care workers and can force them to take extended time off work. In many cases, it leads to high turnover of staff.

EAPs provide invaluable support to help people taking time off work to deal with mental and physical stress and can even get them to return to work sooner. Care Sourcer estimates that around 800,000 care workers, many of whom face daily challenges such as stress and depression, will benefit from their EAP.

Care Sourcer is free for people seeking care and searches thousands of registered care providers across the UK to bring a tailored list of local care providers to users within 48 hours.

Legal & General will fund the EAP for the first 12 months of its operation. Last year, the FTSE100 financial services company announced it was investing £6m in Care Sourcer, before launching its care-focused Retirement Living Solutions division earlier this year.

Andrew Parfery, CEO, Care Sourcer said 'Care workers are local heroes; they dedicate their lives to caring for others but often there is no one to care for them in their time of need. Stress and depression, a lack of confidence and anxiety are all big challenges facing people in the care workforce.

'At Care Sourcer, our goal is to use technology to help create a fairer care system that is easier for those seeking support to find the care their loved ones need, but we also want to get behind the UK's care workers. Many often go above and beyond to help the people they are looking after and we're proud to offer our support by providing this free EAP that can help those working in the care sector in their own time of need.

'Improving the retention of staff is central to creating a better care system. Our EAP will support providers to better the work-life balance of their caring staff, supporting them in their time of need, and ultimately help care homes and at home care companies to build sustainable, quality-driven businesses.'

Richard Muncaster, CEO of The Care Workers' Charity, offered his support for the EAP, saying:

'Our own research shows that care workers often face challenges with finances, mental health, care needs at home, and not feeling valued, so news of a free employee assistance helpline for the sector is very welcome. Now all care organisations, regardless of budget, can offer care workers professional support to talk through any personal challenges, and provide guidance on how to get further help.'

We invested in Care Sourcer as we want to help transform the care sector by making it better for both those in need of care and the care workers that work so hard to support thousands of people across the UK. Our Group Protection business has long supported EAPs as an effective initiative to tackle stress and depression amongst employees and ultimately help them return to work sooner. For Legal & General, supporting Care Sourcer's EAP launch is another positive step towards our long-term aim of building a better, fairer society for all.

Steve Ellis, CEO, Legal & General Retirement Living Solutions

For further information

Care providers can register for the free EAP at caresourcer.com/behind-every-care-worker

About Care Sourcer

Care Sourcer is the UK's first online comparison and matching site for elderly care. The innovative service enables anyone to make a simple enquiry via www.caresourcer.com and receive offers from care providers who have immediate availability. There is no charge to the person making the request. It can be used by individuals, GPs, social workers, or anyone else looking for care for an older person.

Notes to editors

  • Care Sourcer is the UK's first online comparison and matching site for elderly care.
  • Anyone can request care for older people at www.caresourcer.com and will receive bespoke offers from local care providers within 48 hours.
  • Care Sourcer was founded in Edinburgh in 2016 by Andrew McGinley, Managing Director and Andrew Parfery, CEO. Both founders ran successful care businesses and decided to create Care Sourcer after seeing first-hand the growing unmet need for care.

In July 2018, Care Sourcer announced a Series A of funding of £8.5m, which is the largest Series A of a digital technology company in Scotland. This was comprised of a £6m investment from Legal & General and a further £2.5m from patient venture investor, Accelerated Digital Ventures.

Disclaimer

Legal & General Group plc published this content on 09 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2019 16:01:05 UTC

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Financials (GBP)
Sales 2019 36 726 M
EBIT 2019 2 318 M
Net income 2019 2 079 M
Finance 2019 2 291 M
Yield 2019 6,73%
P/E ratio 2019 7,59x
P/E ratio 2020 7,93x
EV / Sales2019 0,36x
EV / Sales2020 0,37x
Capitalization 15 484 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 286,88  GBp
Last Close Price 260,80  GBp
Spread / Highest target 38,0%
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Nigel David Wilson Group Chief Executive Officer & Executive Director
John Kingman Chairman
Jeff Davies Chief Financial Officer & Executive Director
Julia Susan Wilson Senior Independent Director
Lesley Mary Samuel Knox Independent Non-Executive Director
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