Few years back, only Public sector was prevalent in the economy. But after adopting Privatisation, Private Sector is also gaining importance. For the progress and development of any country, both the sectors must go hand in hand as only one sector cannot lead the country in the path of success. The private sector comprises of businesses which are owned, managed and controlled by individuals. On the contrary, public sector comprises of various business enterprises owned and managed by Government.
When it comes to employment by both sectors, there are considerable differences:
- Job security often comes at the top of priorities while choosing any job. Government jobs are often known for their steadiness in the face of variations in the market. This is one of the most cited advantage of a public sector job over a private sector one. The reason is simple. Most private sector jobs are only protected against inappropriate terminations based on gender, race, religion, and other politically incorrect factors. However, government sector employees, once appointed cannot be terminated easily even after low on job performance.
- Along with job security, job growth is equally important for any employee. Government jobs are notorious when it comes to growth. The bureaucratic nature of such jobs leaves very little room for rewarding individual professional initiatives, stunting the career growth of their employees. Promotions are usually time based and performance, though important, is a subsidiary factor. Private sectors are well-known for their regard to performance and employee motivation. So, if one is concerned about his/her personal growth, one can try private sector jobs as in the process to compete with others, you will grow better and will be able to leave your mark in this competitive world.
- People believe that government jobs pay more than private jobs. Salary is one the biggest reasons for people to prefer public sector jobs. Increments for government jobs are standardized, whereas the private sector jobs are pretty much annual or in some companies half-yearly too.
- There is a general viewpoint that government jobs are harder to crack than private ones. Most public-sector positions are opened up for a limited period of time and are at a national or state level. Almost all the positions require an entrance examination, competing with a rather large number of candidates from all across the nation. The process is really long and is also capped by an age limit. On the other hand, private company jobs are filled based on demand and recruitment drives happen all year long as long as there is a need for new blood in the organization. Positions are filled in campus recruitment, referral recruitment, online recruitment, and through other means in usually straightforward and streamlined processes which are easier to crack as compared to the public sector jobs.
- It is important to take care of your retirement from the time you are working. Government jobs are known to be better for retirement benefits providing their employees a solid pension plan to make their life after retirement tension-free. Private companies, on the other hand, are not bound to invest in their employee’s pension plans leaving them to take care of their retirement needs themselves. Along with this, government employees also get other benefits in their employment lifetime. They enjoy banking privileges, with often better loan schemes, travel perks, and also housing allowances that private employees may or may not chance upon.
- Long working hours, overtime and no weekend is a very usual thing in private jobs leaving no time for your family. Since job performances are directly related to job growth, the work culture promotes a certain level of competition, often unhealthy, to keep up the pace. Government jobs are relatively relaxed, give work life balance to the employees but at the same time fall back on developmental opportunities. Interactions with bosses are more crucial in private jobs.
In conclusion, there are equally good reasons to adopt any sector. The choice begins with an assessment of what you desire to achieve from your career. It ultimately leads to the final choice – job security, work life balance and long term gradually moving career in the private sector or high yield, low security, accelerated career path in the private sector.
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