Keys to Transforming Companies in Chile: More Purpose and Meaning for People

Keys to Transforming Companies in Chile: More Purpose and Meaning for People

We Chileans are not feeling satisfied at work.

 

We recently saw news that Chile has the third-shortest job tenure among OECD countries: 31.1% of employees with an employment contract have been with their current employer for a year or less.

 

Part of the reason lies in specific characteristics of emerging economies: a significant share of fixed-term contracts (for example, seasonal agricultural workers) or job insecurity (employers who fail to make social security contributions).

 

On the other hand, we also see striking figures on job dissatisfaction: 29% of workers in Chile say they are not satisfied with their jobs, according to Ipsos’ «Global Happiness 2024» report, or 31% according to Sodexo’s Quality of Life Index (2022).

 

Adding to this friction in today’s workplace, a Cadem study on younger generations (May 2024) found that what matters most in life to young Chileans (ages 15 to 29) is working on something they enjoy and that makes them happy.

 

It should come as no surprise, then, that people lack fulfillment within organizations; and in the face of this challenge, it would be a big mistake to focus only on the “administrative” perspective, such as declining productivity or rising recruitment costs.

 

We workers spend 30% (or more!) of our days at work, so making work more satisfying—building better relationships, feeling that we are growing, that what we do has an impact, and feeling more fulfilled—should be a central focus if we want better companies in every sense: better results, but also better at contributing to their surroundings, to society and, of course, to their employees.

 

Managing Real Change

 

When it comes to people management, Chilean organizations have every opportunity to drive cultural transformation and get us off that OECD podium.

 

According to research by Aaron Hurst, purpose economist and Almabrands partner in Chile, the lack of meaning at work is a health epidemic, and investing in helping people understand their personal purpose is essential to their fulfillment.

 

Leaders are key to making this change happen: they can and must push and help other employees connect with what they do beyond the functional, and become aware of what brings them satisfaction at work.

 

I want to stress this idea: employee satisfaction or fulfillment is often seen as something each person should “figure out” on their own through personal effort. But no—organizations and their leaders have a role to play in this fulfillment. What’s more, many companies fail to recognize every human being’s need to feel valued and to have an intrinsic purpose in life.

 

Through several studies that underpin his book “Purpose Economy,” Aaron Hurst proposes that employees find their work experience fulfilling when: 1) they are making an impact they feel matters; 2) they have a sense of belonging and meaningful relationships with their coworkers; and 3) they feel they are growing both personally and professionally.

 

There are leadership training programs that help drive change in organizational culture, creating pleasant work environments where people feel valued, respected and fulfilled. As we set out on this path, it’s also important to set goals and measure our progress; there are tools for that, too.

 

So there are no excuses: companies must reevaluate and improve their policies to create a workplace culture in which people feel their work has meaning beyond their employer’s results, one that makes them want to stay and grow, where collaboration, communication and commitment between employees and the company matter. A good starting point is having empowered leaders who connect with their teams, both as employees and as people, in pursuit of greater fulfillment.

 

Column originally published on cooperativa.cl