This article analyses academics' perceptions of work management and their job satisfaction in Chilean universities, using a multi-level approach (macro, meso and micro) to study changes in the academic environment. It is based on the survey 'The Academic Profession in the Knowledge-Based Society' (APIKS) with data from 11 universities and 1258 valid responses. Three groups of academics are identified according to whether they are engaged in research, teaching or a balance of both. The results of the study show that, at the university level, resource allocation favours teaching, while individual recognition tends to favour research. Institutionally, teaching is prioritised because of its economic impact, but individually, research is more highly valued. This picture reflects a hybrid management model, with tendencies towards de-professionalisation in teaching and entrepreneurialisation in research. Despite these pressures, academics report high levels of job satisfaction, an aspect that requires further research.