Case StudyKiva Microfunds, Inc.
San Francisco, CA kiva.org
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
Younger, geographicallydistributed workforce
Making saving relevant
Onsite iPad workshops
Email activation links
Targeted emails basedon employees’ goals
Kiva Doubles Savings Rates for 50% of EmployeesThrough Retiremap iPad Workshops
Empowering 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 of 99%. 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 employeesreach 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 employees’savings 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 Retiremap’s web and tablet based platform.