Private Sector
Who doesn’t want a better working environment, a fast-paced work style, and quick career growth? (Yes, higher pay too!) And, the jobs in the private sector offer you all these opportunities along with many other features too. There are various IT giants in the private sector such as Google, Amazon, Oracle, etc that offer a maximum number of career opportunities. Private sector companies generally hire candidates based on their recruitment process which consists of several rounds (aptitude, technical skills, managerial skills, etc). Although jobs in the private sector do not guarantee job security however if you have enough potential you can have high career growth in a shorter time. Let’s take a look at the advantages and disadvantages of Private sector jobs.
Advantages
- Money is the biggest reason why people prefer private-sector jobs. Along with the higher salary, you also get regular appraisals and promotions based on your performance.
- In the private sector, your career growth is related to your performance. If you are dedicated to your work with having adequate skills, you can be promoted to a higher level even in a shorter span.
- Unlike Government jobs, here the recruitment process does not last for months. In private-sector jobs, the recruitment process is of a few weeks or even a few days!
- The jobs in the private sector offer you various learning opportunities. Also, apart from your specific domain, you can gain exposure to other functional areas of the company as well.
Disadvantages
- Private sector jobs are comparatively more unstable. There are various conditions such as your degrading performance, recession, and many others due to which you may be terminated from your job.
- In private-sector jobs, the promotions or appraisals awarded are based on the work performance and skills of the employees. And this generates high competition among the employees.
- Again, the workload in private sector jobs is quite high due to the existence of short-term goals with deadlines. However, it depends on the efficiency of an individual as well.
- In private-sector jobs, you may have a decent salary currently but the condition will not be the same after retirement. However, in the last few years, many private companies have started to provide monetary benefits to their employees after retirement.
Also Read: How to Get a Job in Product Based Companies?
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.