Private sector Verses Public Sector

Posted: December 14, 2013 in Business, Career, Job
Tags: , ,

There was time, when government jobs were only what a person waited for and they would spend half their life applying for the same. People would apply even at a cusp of their age to somehow get into the government sector and their life will be settled for a lifetime. But with the growing competition and rigorous examinations and interviews, one stands a meek chance of getting through. And at one time, people felt, it’s an idiocy to keep waiting to get the best job and they started joining some private firms. And with the growing demand of Private sector in the youth, Glut of opportunities came along with the IT industry and now, in every part of the country you have an IT hub altogether. And a huge throng moved towards the private sector, for one reason being the salary is higher. But the major disadvantage of a private sector is Job security, which is always a fear in the mind of the people.

Having said that, people still prefer to go for the government jobs, if given a chance, for the following reasons:

  1. Job security: As already mentioned above, the job security in a private sector is always doubtful, a slight fall in the economy directly affects the job of the common man. While in Government sector, once you are in the job, no external factors are going to affect your job. In most countries, there are no labor unions covered by the private sector and so the risk remains intact.
  2. Working hours: In the government sector there generally are a fixed working hours beyond which if they work, they are paid for the over time.  Which, as per the labor law has become mandatory in the private sector as well.
  3. Benefits and perks: In the government sector, the benefits and perks are given for a lifetime which includes Pension scheme. In some countries, with the sudden demise of the head of the family, a job in the same sector is directly given to one of the members of the family.
  4. Promotion and pay rise: Unlike private sector, where promotion and hike purely depends on the performance, Government sector has a stipulated time period post which a person is given a promotion and a hike.
  5. Financial services: The major benefit of government sector is that financial services, like mortgage, are provided at a low rate by the respective departments.

So a government sector always has more weight-age as compared to private. Having said that, the package in private sector is on a higher side as compared to government sector which is the main reason people are attracted towards private sector.

So all in all this is always a debatable topic, and every sector has its own pros and cons.

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