In times of great economic difficulty, those seeking employment in a competitive job market should keep all their options open. Job opportunities in both the private and public sector offer potential career options, depending upon one’s background. The terms private and public sector are, however, thrown around a bit loosely. Understanding the similarities and differences between each can help you make sense of which is better for him.
The primary difference between public and private sector workers is in who they work for. Public sector workers are those that work for some sort of government agency. When people refer to jobs in the public sector, they are oftentimes referring to jobs with the federal government. However, these jobs can also be found in both state and local government as well. Private sector jobs are those found with employers who are nongovernment agencies. These can include both individual business owners and other forms of company organization such as corporations or limited partnerships.
IAS, Banking, State service and UPSC jobs are very popular in the public sector job category and a lot of candidates study whole year to qualify for these exams and competition is very tough. Candidates need to study regularly and keep themselves updated with knowledge, current affairs and reasoning skills etc. Once a candidate clears written test, they must go through an interview which is the utmost important thing. The main benefit of a public job is attributed to the job security. There is no fear of losing jobs due to petty issues. Also in case, who can do well in his domain, can add to their advantage in pension and holidays.
Since the private sector is completely different from the public jobs in every other way, the differences also lie in the selection procedure for it. It is a really professional way to get a job into the private sector. Most of the companies recruit graduates by checking their attitude, technical skills and ability to perform the work. Here are the chances of losing jobs once the employee is out of performance level. Here also exists a lot of competition and talent, so one has to always be updated with their skills in order to retain the job.
Every Job Sector has a Pros and Cons. Similarly, Government Sector and Private Sector have their own Pros and Cons. So, let’s discuss on Pros and Cons of the Government and Private Sector in detail.
1. Recruitment Process / No of Vacancies – Public Jobs vs Private Jobs
Many people would assume, there is large no of Job Vacancies available in the private sector due to the rise in the industries being set up. Students from the top engineering colleges in Andhra Pradesh, Pune, etc. have a good campus recruitment process in their respective colleges. But the fact is Public Sector Jobs also increased at the same pace.
Almost all the Central Government Companies, State Government companies, PSUs (Public Sector Units) Recruit the Graduates throughout the entire year by releasing the official notifications which clearly authorize the total number of vacancies available, whereas in private sector will not have an exact number of vacancies available.
2. Salary Packages –Public Jobs vs Private Jobs:
Unlike old days, packages of Government posts are competing with the private sector Jobs. Government Jobs have an advantage of perks like DA, HRA, TA, Medical (ESI), etc. Along with this, you will be eligible for pension also which makes public Job more attractive than private jobs.
The employees in PSUs are well paid and they get residential accommodation along with medical and other government entitled benefits. On another hand, private Sector jobs also have high packages, but they have a drawback like pension and performance-based hikes. Especially with the campus recruitment on a hike, Universities such as Brainware Group of Institutions, Lovely Professional University promise their students a good salary package at the beginning of their academic year.
3. Government Jobs Vs Private Jobs – Benefits & Perks
Each Sector has their own benefits and perks.
Government Sector has pensions, concessions at Government entities like Railway Pass, Medical facilities at Public Hospitals. Getting loans is easy for Government Employees.
Whereas a Private Sector Jobs have huge no of benefits. In Private sector, you get frequent reimbursements, outings, office snacks and paid holidays. Along with these, you will be a chance to work in Foreign countries like USA, UK, Canada, Germany, Singapore, UAE etc. This makes IT/Software Jobs more attractive than government Jobs.
4. Government Jobs vs Private Jobs – Work Pressure
Unlike the old days, government Jobs also involved a lot of work these days. So, in terms of work pressure, both have the same level of work stress.
In the government sector, the workload is distributed officially. So, once you are able to finish your workload, you are free. Whereas in private sector, you will have tremendous pressure and need to share the work with others in order to meet deadlines. The Banking Sector is almost same as Private Sector Jobs. Nowadays bank employees also having tremendous pressure due to Changes/digitalization in the banking sector.
Like these, there can be a lot of points of debate between these two kinds of jobs like work hours, growth and promotion, scope and nature, etc. But the most important time comes at the point of execution. And here cons the question and with these some noteworthy points also occur:
• When one is ambitious and wants to climb the ladder of life fast, then public jobs is not the cup of tea for him/her. There is a lot of opportunities in private sector jobs to progress fast in life.
• But when one wants to live the life with peace and doesn’t care about the salary and ambitions of life, then public jobs are the perfect match for him.Amidst the society where finding a job is getting tough and tougher, one's should primary responsibility is to study hard and be well prepared for getting a job, whatever it may be, private or public. Then comes the question of picking up the superior. Thus, private and public jobs both provide a great boost to the economic backbone as well as mankind. So, it will be much greater if the public & private companies go side by side complementing each other.