7/30/2019 Kiva Case Study for Retiremap
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Case Study
Kiva Microfunds, Inc.
San Francisco, CAkiva.org
Results
50% of the 30employees whoattended an iPadworkshop decided
todouble their deferralrates
39% of all engagedemployees wanted tomeet the plan advisor
12 page employer reportdetailing engagement,behavior
change,retirement readiness andfinancial wellness
76% of employees feltmore engaged with theirretirement plan
Challenges
Younger, geographicallydistributed workforce
Making saving relevant
Approach
Onsite iPad workshops
Email activation links
Custom website
Financial planningwebinars
Targeted emails basedon employees goals
Kiva Doubles Savings Rates for 50% of Employees
Through Retiremap iPad WorkshopsEmpowering employees for a
secure future
As the first organization to enable people to lend to
entrepreneurs in developingcountries over the Internet, Kiva has a
history of innovation. To date, Kiva has lent over$434,000,000 to
entrepreneurs from Peru to Tajikistan with a loan repayment rate
of99%. With a mission to alleviate poverty by connecting people
through lending, Kivahas a unique organizational focus on
transparency and empowerment.
By enhancing its 401(k) plan education to be more relevant for
its younger, tech-oriented workforce, Kiva decided to take an
innovative approach to helping employees
reach their financial goals, including saving for a secure
retirement. With Retiremap,Kiva created a program that combined
today's technology with a process developedwith leading behavioral
economist Dan Ariely, to measurably improve employeessavings
rates.
Engaging with today's technology + behavioral economics
With a young employee population, Kiva's HR staff knew that
focusing on retirementwould not resonate. Instead, the Empower Your
Finances campaign, powered byRetiremap, employed behavioral
economics and a financial planning process used bythe Financial
Planning Association to make plan education more relevant by
askingemployees: "Do you know if you're on track to reach your
financial goals?"
By using iPads in onsite workshops, every attending employee got
to use Kiva'scustom Retiremap app to do a goal-based retirement
assessment and get a holisticStarter Roadmap. Those employees who
did not attend an onsite workshop were sentan email activation link
announcing the campaign's launch and 14.3% signed up.
Screen captures from Retiremaps web and tablet based
platform.
http://www.kiva.org/http://www.kiva.org/http://www.kiva.org/
7/30/2019 Kiva Case Study for Retiremap
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About Retiremap RetiremapHQ.com
San Francisco, CA
Retiremap enhances401(k) plan education forplan sponsors
byengaging employeeswith todays technology,while
measurablyimproving retirementreadiness and financialwellness.
Unlike plan providers,Retiremap isindependent with noinvestment
agenda,employs goal-basedfinancial planning asused by the
FinancialPlanning Associationand helps make planadvisors
moreproductive.
Doubling employees savings rates
By using an engagement process and workshop format based on best
practices inbehavioral economics, Kiva not only better engaged its
employees, with 40%participating at the launch of the program, but
also improved savings rates. Of the 30employees that attended the
iPad workshops, 50% decided to increase their savingsrate an
average of 6.3% of pay. Additionally, 50% of workshop attendees
requested tomeet with the plan advisor to discuss their financial
goals and investment strategy.
It was important to Kiva that the launch be followed up with
ongoing, targetedcommunication, so Retiremap set up a dedicated
employee website, as well asdesigned a targeted communications
campaign emailing educational articles from theFinancial Planning
Association to employees, based on their financial goals.
Delivering transparency and measuring impactFor a data-driven
technology company that publishes the number of new loans madeeach
week (33,465) and seconds between each loan made (8), measuring
successmetrics for its new plan education efforts was critical.
Retiremap was able to measurekey metrics like retirement readiness
(39.5% got a green light), top financial goals (68%
want to buy a home) and financial stressors (18.4% had some
credit card debt).
Retiremap also made better use of the advisor's time by
providing access toemployees' data and deliverables for use in
private, one-on-one meetings, leading tomore meaningful discussions
and greater impact.
Retiremap is the best full-service program we've seen
forengaging employees and measurably improving theirsavings rates.
Our employees love it and the data
Retiremap generates introduces accountability into ourplan
education efforts.
- Britt Huber, Vice President, Human Resources, Kiva
Using Retiremap has enabled Kiva to enhance their 401(k) plan
education by betterengaging employees, helping them save more to
reach their financial goals and thenmeasuring the impact of their
education efforts. For a company dedicated to retainingemployees
and increasing their satisfaction, these improvements are
significant.
Page captures from Kivas Performance Report measuring Retiremaps
impac
A Boulevard R Product (888) 412-5837 [email protected]
mailto:[email protected]:[email protected]://www.retiremaphq.com/http://www.retiremaphq.com/
