An Interview With Chad Silverstein

Maintain Consistent Communication: Like I said earlier, leadership is responsible to point the way. And it’s not an Instant Pot! You can’t just set the direction once and come back to a fully cooked culture. You have to regularly talk about the mission and how it guides the business strategy at every turn.

Purpose has become the new currency of success in today’s workplace, and leaders who prioritize mission-driven cultures are standing out in the war for talent. To explore this important topic, we are interviewing Kirsten Knoll Longnecker.

Kirsten Knoll Longnecker started her career writing for Hallmark Cards and eventually became the Chief Marketing Officer for Plinqit, a financial technology company. Today, Kirsten oversees a team that delivers on lead generation, PR, social media, content marketing, and events management, but her battery really recharges when helping create functional, productive team cultures and promoting DE&I. If you want to see Kirsten light up, ask her about her daughters, hiking, knitting, or turning visionary ideas into compelling messaging.

Thank you so much for joining us in this interview series. Before we dive into our discussion, our readers would love to “get to know you” a bit better. Can you share with us the backstory about what brought you to your specific career path?

Of course! Not to go too far back, but in college, I majored in broadcasting and was heavily involved with the campus newspaper, not to mention producing a TV show and working as a radio DJ. I think it’s safe to say that I have a passion for communications. I was fortunate to secure an internship on the writing staff at Hallmark, where I learned to figure out what the central emotion is of every story. Even a greeting card.

I moved from copywriting to content marketing, and eventually entered the fintech industry at a company called Kasasa that was doing really exciting work with community financial institutions and their account holders. There I not only oversaw B2B marketing, I was able, thanks to the culture, to start a professional women’s group, mentor colleagues into people-leadership roles, and participate in an employee-led volunteer committee for helping each other through tough times — incredibly meaningful, especially during the pandemic.

That role set me up extremely well for the work I do now at Plinqit. And today, as a female executive working at a female-founded and led company, I love that I get to help lift others up as we have a culture of going above and beyond.

Can you share the most interesting story that happened to you since you began working in leadership, culture building, or purpose-driven organizations?

There are a lot to choose from… but I’ll go with a recent one. When I joined Plinqit, the flagship product was a consumer app designed to reward individuals for improving their financial literacy and building healthy financial habits. Really cool product and interface.

There were a lot of reasons to love the app and believe that it would keep helping people in meaningful ways. This product was responsible for Plinqit’s success up to this point, but our founder and CEO, Kathleen Craig, could see that the market was shifting. If the company was going to continue growing, we needed to say “no” to some really good things so that we could say “yes” to even better things.

That’s where our newest flagship product comes into play: High Yield Savings by Plinqit. It’s a high-yield savings account that empowers financial institutions to meet the needs of modern savers and grow relationships with new audiences. This helps financial institutions grow strategically and attract deposits, including through the launch of fully digital bank brands, in the most scalable, cost-effective way possible.

The decision making for shifting from our legacy automated savings app to helping banks and credit unions now have the opportunity to offer High Yield Savings by Plinqit was a collaborative process by our executive leadership team. It was a privilege to watch my colleagues thoughtfully and generously weigh what was right-est for our clients, their end users, and our staff.

You are a successful leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?

The first is definitely adaptability. It’s a cliche to say that the only constant is change, but if evolutionary biology and capitalism have taught us anything, it’s that adaptation is essential for survival. At Plinqit, we adapted our product suite in light of higher interest rates and turned it into a massive opportunity — to the tune of more than $2.5 billion.

My team and I launched multiple marketing campaigns that helped us expand brand awareness and drive sales of our High Yield Savings product. I love control as much as the next person, but I’ve learned to treat evolving business and economic situations as a kind of amusement park ride: I can either enjoy myself while it’s happening or live in terror. I chose and continue to choose joy.

Next is transparency. I told you about my passion for communication, but more words, more video calls, or more LinkedIn posts aren’t really communication. True communication is open and honest. It acknowledges the highs and lows. I encouraged all of my direct reports to bring their whole selves to work. I mean, we’re all doing it anyway, but some people are better at hiding the hard stuff under a smile or behind a spreadsheet.

The importance of clear and honest communication was so vital when Plinqit transitioned to the High Yield Savings product. I watched our CEO navigate that situation with a posture that Brene Brown calls “strong back, soft front, and wild heart.” It was inspiring to watch and participate in. We couldn’t have done it without real, authentic, professional transparency.

Number three is strategic vision. I almost didn’t list this one because it sounds like corporate jargon, but it’s too important to skip. My team at Plinqit is smaller than at my previous company — that means we can easily get lost in tactical execution. But if we allow ourselves, that kind of near-sightedness will hurt the company’s goals.

It’s my job to divide my time between working “in the business” and working “on the business.” I’m not sure who I got that phrasing from, but it’s excellent. Some days, I need to step back from the minutiae that feel urgent and think about the big picture. What kind of decisions can I make today that will help our company grow next quarter, next year, or five years from now?

Let’s now jump into the focus of our interview. What does a “purpose-driven culture” mean to you personally, and why do you think it’s critical for attracting top talent?

I think the best way for me to answer this is with a personal anecdote. When Plinqit’s CEO Katherine Craig approached me, I was open to a new position, but I’d already said “no” to several. I had a clear sense of my values as a person and as a communications professional. I was looking for a company where those values could be fully expressed, and I could grow into the next level of my career.

From my first conversation with Kathleen, I could tell there was something special about Plinqit. Kathleen’s sense of purpose and integrity was palpable. Obviously, when you’re running a start-up, very few things are written in stone. Plinqit’s values and mission weren’t up for debate. That excited me and created a very strong incentive to join the company.

That incentive extends to every employee. Millennials (I’m a Gen-Xer myself) and Gen Z are motivated by causes and values in a way that companies ignore at their peril. If you want to attract the best talent, you need to build a culture with a clear purpose and unshakeable values.

When you attract talented people whose values align with your companies, they’ll experience higher job satisfaction and stick around much longer. Culture isn’t a nice-to-have; it’s a must-have. It’s the key to building strong connections and turning “employees” into a “team.”

How did you identify and define the mission or purpose for your organization? Was it inspired by a particular event, challenge, or insight?

Our mission has layers because of the complex value chain that financial institutions represent. Plinqit is committed to financial empowerment. That means we help our users achieve their financial goals while helping financial institutions attract deposits and grow strategically.

We don’t focus on one aspect of that mission at the cost of the other. The success of individual account holders and the success of financial institutions is linked, mutually reinforcing, and beneficial. Our innovative saving solutions are the key to this win-win relationship.

What are the key steps leaders can take to embed purpose into the day-to-day operations and decision-making of their companies?

In order to achieve the win-win I just talked about through technology, we study the challenges faced by everyday consumers and the financial institutions that serve them. I’ve been incorporating Bob Moesta’s Jobs To Be Done Theory into my work, and it’s so powerful. We’re able to unearth the subtle details that create giant swings in consumer behavior. Our product and customer service teams use that intelligence as a lens for analyzing strategic decisions.

The leadership team at Plinqit also follows the philosophies of The Art of Giving Great Service. It’s a restaurant-originated training for internal controls and extraordinary customer service.

What role does leadership play in championing and modeling a purpose-driven culture? Can you share an example of how you or another leader helped reinforce your organization’s purpose?

It doesn’t matter how big the values are painted on the office wall, if the leadership doesn’t model them, then it’s only a matter of time before things unravel. At Plinqit, we believe in servant leadership, assuming best intention, listening for meaning, and tying the day-to-day activities back to our vision.

How do you handle skepticism or resistance from team members or stakeholders who may not immediately understand the value of focusing on purpose?

This is such an important question. Skepticism can come across as habitual negativity, but when you finally win over a skeptic, they can become your fiercest advocates. I start by addressing their doubts head-on and demonstrating the benefits of a purpose-driven approach. And hopefully the individual you’re speaking to is already bought in on the values at some level.

Thankfully, I’ve been working at purpose-driven companies for well over a decade and I have a lot of stories that illustrate the power of purpose and the danger of losing it.

Ok, let’s talk strategy. Based on your experience, can you share “5 Steps to Build a Purpose-Driven Culture That Attracts Top Talent”? If possible, please include examples or stories for each.

There are more than five, but here are my TOP five steps:

1. Clearly Define the Mission: This requires a heavy time investment on the front end, but there’s no substitute for having a clear, concise mission statement. If you don’t get this part right, everything else you do will fall flat.
2. Integrate Purpose into Onboarding: If you’re going to ensure all employees understand and embrace the company’s purpose, you need to introduce on the first day for every new hire. Then, you weave it throughout the onboarding process.
3. Encourage Employee Participation: After your employees fully understand the purpose, you need to invite them to help you build out the various ways that purpose gets expressed. It can be through internal culture and external communications. Their contribution is vital if you want to keep them invested in the work.
4. Recognize Purpose-Driven Achievements: When employees demonstrate behaviors or achieve goals that align with the mission, take the time to celebrate. This positively reinforces beneficial behaviors for everyone.
5. Maintain Consistent Communication: Like I said earlier, leadership is responsible to point the way. And it’s not an Instant Pot! You can’t just set the direction once and come back to a fully cooked culture. You have to regularly talk about the mission and how it guides the business strategy at every turn.

Can you share a specific example of how embracing a purpose-driven culture helped your company attract exceptional talent or achieve a significant business goal?

This question gives me an excellent opportunity to brag on my team. We worked incredibly hard to put together Plinqit’s State of Savings Report. We ran a survey of more than 2,000 adults to learn about their saving habits and priorities.

This had a dual-purpose: first to offer our clients insights that they could use to better serve consumers and grow their businesses, and second, to collect insights that could be used in our product development and marketing.

Our CEO summed up the significance of the report really well,

“Inflation and higher interest rates have no doubt proven challenging for consumers, but almost all Americans report they are still putting money aside for savings. This is positive, as saving is an important step on the journey to financial wellness. However, saving isn’t the only factor that dictates a consumer’s financial health. This year’s report revealed that many Americans still need education and resources on the best ways to build and grow their savings, as nearly half of Americans (48%) said they save their money in a checking account. By uncovering these financial behaviors and the savings priorities of everyday consumers, we can begin closing these knowledge gaps and empowering individuals to live their best financial lives. When savings balances grow, we also ensure America’s financial institutions have the deposits they need to continue serving their communities with competitively-priced products and services that promote financial stability and brighter financial futures for all.”

What advice would you give to leaders of smaller companies or startups who want to build a purpose-driven culture but don’t know where to start?

Everything flows from your mission. Take the time and space to define your mission as clearly as possible. If you’re just starting out, then your mission will probably shift as you learn about the market and test your ideas in the real world. That’s normal and healthy.

Once you have a mission you feel good about, then you need to involve your team. Tell them and show them that everyone is welcome to contribute their ideas for making the culture better and stronger. Make them your co-authors in the process.

Finally, you have to create accountability so that the actions of individual employees and the company as a whole reflect your stated mission and values. Culture is a living, breathing thing that needs to be nurtured continually.

What are some common mistakes leaders make when trying to create a purpose-driven culture, and how can they avoid them?

I suppose it’s the flip side of the coin for what I would tell young entrepreneurs or leaders of startups.

You cannot create a purpose-driven culture if you allow your mission and values to fall out of sync with your actions. That goes for leaders and managers as well as the entire company. Everyone has to be invested in living the values and staying focused on the mission.

That’s why employee engagement and feedback is so critical. If your employees don’t feel valued or heard, they will grow apathetic. Once they stop caring about the mission or stop believing that your values matter, the culture will disintegrate pretty quickly.

How do you ensure that your organization’s purpose evolves and remains relevant as your company grows and the world changes?

Most people look at themselves in the mirror every day. Reflection is a good practice for everyone, companies included. We regularly evaluate Plinqit’s mission, comparing it against the market, our clients, and the foundational values. In fact, we’re auditing our website right now to ensure the messaging is tailored to our ideal client profile and the general priorities of bank executives.

The other consideration is to think about scale. Imagine your company grows twice as big as it is now. How will you embody and express the values then? How about three or five times larger?

It’s easy for people to fixate on the way a value is expressed when the headcount is less than 50. But as the company expands, the value needs to remain viable while the expression changes.

I’ve heard of companies where the CEO personally meets with every new hire. Eventually that kind of thing morphs into a meeting with entire cohorts of new recruits, but it’s not sustainable past a certain point. Instead you need to examine the value that motivated that practice and look for ways to apply at each stage of growth and company maturity.

What trends or shifts are you seeing in the workplace regarding purpose, and how do you think these will shape the future of business?

Social responsibility is never out of style — even in times of political turmoil like we’re experiencing right now. The upcoming generations of consumers (and voters) are adamant about making a positive contribution to society and supporting brands that do the same.

That’s why it’s so important to be transparent about your values and the impact your company is making. Consumers care and will vote with their dollars.

In your opinion, how does having a purpose-driven culture impact not just employees, but customers, clients, and the broader community?

When your business decisions are guided by explicit values, the results are undeniable. Clients, consumers, and society at large can feel when a company is operating authentically and with concern for every stakeholder in the value chain.

This might be the easiest to see in the negative. Let’s take a company like Wells Fargo. They’ve really leaned into the rustic likeability of a stagecoach and horses in their brand. It would be easy to see them as far more approachable and caring than a bank like JPMorgan Chase. But there’s no question that the leadership and middle management at Wells Fargo were causing harm to consumers in alarming ways.

A purpose-driven culture fosters trust. A culture that says one thing and does another is completely untrustworthy. Communities want to engage with the former and will run the other out of town.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people by building purpose-driven workplaces, what would that be? You never know what your idea can trigger. 🙂

Money can’t buy you love, but the power of financial inclusion and wellness cannot be overstated. I want to see everyone have access to the information and tools to build healthy financial habits and life behaviors. Sadly, a lot of Americans are underbanked or underserved by the financial system. They don’t have access to the products and services that could advance their financial goals and perpetuate generational wealth.

So my movement would be for universal financial inclusion and wellness, delivered by local banks that are deeply invested in their communities and doing right by their account holders. I like to think that I’ve already begun through my work with Plinqit — but that’s what happens when purpose-driven people work for purpose-driven companies.

How can our readers further follow you online?

I’m active on LinkedIn and love to engage on topics related to fintech and financial wellness. I also have been known to post pictures of my adventures in sunny Colorado from time to time!

This was great. Thank you so much for the time you spent sharing with us.

About the Interviewer: Chad Silverstein is a seasoned entrepreneur with 25+ years of experience as a Founder and CEO. While attending Ohio State University, he launched his first company, Choice Recovery, Inc., a nationally recognized healthcare collection agency — twice ranked the #1 workplace in Ohio. In 2013, he founded [re]start, helping thousands of people find meaningful career opportunities. After selling both companies, Chad shifted his focus to his true passion — leadership. Today, he coaches founders and CEOs at Built to Lead, advises Authority Magazine’s Thought Leader Incubator.

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Kirsten Longnecker of Plinqit On How to Build a Purpose-Driven Culture That Attracts Top Talent was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.