10.1 Be part of the Central Bank

The Bank is committed to offering an employee value proposition that inspires people to grow and develop their full potential, in a collaborative environment of team work, continuous learning, and professional and personal challenges, so as to attract and retain the best talent, aligned with the Bank’s strategic objectives and organizational values.

One of the Bank’s established strategic objectives, to support the fulfillment of its mission, is to attract and hire high-quality employees, to keep them motivated and committed to achieving the institutional objectives and values, and to provide a culture of work-life balance.v

In 2018, the Bank’s recruiting and hiring procedures were redefined and validated, to ensure traceability, transparency, and equal opportunity for everyone who applies for a position.

At year-end, 97% of the Bank’s employees had a permanent contract, which supports team stability as well as individual quality of life.

Employees by type of contract and gender

Employees by Position and Gender

10.2 Gender Equality

The Bank maintains an almost stable gender ratio of 30-70 between women and men regardless of age range.

The salary differential between men and women with a current contract at year-end was estimated at 2% in favor of women. This demonstrates the Bank’s policy of equal pay for men and women with the same education level and job responsibilities.

The following table shows new job contracts broken down by gender.

Thus, the Bank’s employee turnover rate was 10.6%, evidence of high stability and talent retention.

10.3 Culture and Leadership Management Project

In the year, the culture and leadership management project was launched to determine the leadership style and culture that the Bank needs in order to better implement the challenges laid out in the 2018–2022 Strategic Plan.

The project started with an assessment of the current culture based on a participative process encompassing all the Bank’s employees. This provided the basis for defining the desired culture, together with initiatives for achieving it, to be implemented in the 2019–2022 period.

The cultural assessment revealed that excellence and ethical values are the characteristics that are most representative of the Bank’s culture, and that efforts should focus on strengthening education and development, individual autonomy, risk tolerance, and collaboration between areas.

10.4 Training to Be the Best

In the year, a broad range of training and education activities were implemented for the Bank’s employees.

To address the constant technological challenges that are the norm in today’s world and to promote continued education and development within the organization, a Data Science Fair was held at the Bank, in collaboration with the Statistics Division.

Seven national universities participated, to discuss graduate programs in this subject.

Over 70 Bank employees attended the fair, and eight applied for a scholarship for one of these programs.

10.5 Ethics and Values

In conjunction with the Office of the General Counsel, a program was implemented to work on ethical and value issues at the Bank, through membership in the Fundación Generación Empresarial, a Chilean nonprofit organization dedicated to promoting business ethics. The program consisted in training sessions for all the Bank’s staff, developed with support from export consultants. Activities included the following:

10.6 Work Climate Survey

A work climate survey entitled “Pulse of the Organization” was conducted during the year, with the voluntary participation of 70% of the Bank’s areas. This is an abbreviated version of the survey used in past years, and it showed the same results as in 2017: 73.4% positive assessment.

In 2018 a leadership skills program was implemented, featuring workshops on feedback, effective interviewing, difficult conversations, organization and planning, and the preparation of skill development plans.

Fully 81% of managers participated in at least one workshop (108 of 133). Managers also received ongoing mentoring and occasional coaching support for specific cases. As a result, the 2018 climate survey saw an increase of 11 percentage points on questions related to direct managers, relative to 2017.

10.7 Work-Life Balance

In line with good practices, the Bank created a pilot plan for reconciling work and personal life. This includes the possibility of telecommuting and opting for flexible schedules when the position allows.

At the same time, to facilitate family life, the Bank implemented actions like the gradual return to work after the birth of a child and early leave during pregnancy.

10.8 Scholarships for Bank Staff

EIt is in the Bank’s interest to have employees with an excellent educational background. A proposal was therefore developed to improve the international scholarship process, which will go into effect in 2019. The goal is to simplify the process, making it easier to use and more transparent. With regard to national scholarships, employees can now apply for part-time doctorate programs at local universities.

10.9 Labor Relationships

The Central Bank Labor Union was founded in 1970, and it is still the only employee union at the institution. Currently, 82% of employees with a contract are members.

The syndicate plays an active role in the daily lives of workers, providing broad-ranging support in areas such as legal advice, well-being, collective negotiations, and scholarships for employees’ children.