Key Differences Between Public and Private Sector
Comparison Parameter | Public Sector | Private Sector |
---|---|---|
Definition | This is the type of enterprise, which is owned, controlled, and managed by government bodies | This is the type of business, which is owned by an individual or group of individuals |
Purpose | The primary motive or purpose is not to earn profits but establish a good economy within the country or state | The primary motive or purpose is to earn profit and achieve success for the company they own |
Stability | The stability in the public sector is measured on the basis of merit and not threatened by production, progress, output, or revenue | The stability in the private sector is measured on the basis of the merit of the individual and the output they provide for their organization |
Benefits Offered | Secured jobs, allowance, perquisites, numerous benefits after retirement, etc. | High salary, incentives, bonuses, amazing working environment, etc. |
Areas Covered | Mining, Police, Army, Manufacturing, Transport, Telecommunication, Banking, Agriculture, Insurance, Education, Airforce, Navy, etc | Information Technology, Financial Sectors, Construction, Pharmaceuticals, Transport, Education, mining corporations, etc |
Difference Between Public and Private Sector in IT
When an individual is on the verge of deciding on a career path, what is the very first question that comes into his mind? Right, before looking for any particular company or profile the question arises is – What to choose between Private Sector Jobs or the Public Sector? And to decide between these two is quite a tough task. As if the lavish work style in the top IT giants like Google, Amazon, Microsoft, etc. attracts young minds then the prestige offered by Government bodies like UPSC, SSC, etc. fascinates even working professionals. Although, both Private and Public sector jobs have their own merits and demerits so it depends on you to make an informed decision.
As per the reports, around 3% of employees of the total workforce is from the Government Sector whereas 3 – 4% of employees are working in the formal private sector (Both sectors are competing almost evenly with each other!). Now, what you have to do is analyze all the aspects such as pay scale, work-life, career growth, etc. of both the sectors (Government or Private) to make a smart choice. Here, in this article, we will let you know all the details & difference between Private Sector and the Public Sector Jobs.