Both Private and Government jobs have their own pros and cons; it depends on you to make the choice. The obvious argument is that private jobs pay more and government jobs are more secure. However, this is not all. Let’s look at this comparison with some in-depth analysis.
Government jobs are more competitive
While many people might wish to have a government job, they might not be able to attain it due to limited vacancies and tough competition. You need to invest adequate time on exam preparation for selection exams and fulfil other criteria to get one. Private companies relatively have more jobs and there are more chances of people getting recruited.
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This is one of the major factors that work as the decision maker. In a private sector, due to market situation and company’s growth, the later might choose to downsize the team. Recent years and during recession, private companies fire a lot of employees to cut down their costs. You cannot ensure that your job will be there after five years. But government jobs are relatively more stable. People are fired only if there is major performance issue or one is involved with some activities that is completely unacceptable. People thus feel more secure and can plan their future better with a government job.
Better retirement policy
Government jobs ensure that an employee’s future is secured even after retirement as opposed to a private sector job. With a private company, an employee needs to plan and take care of his or her future after retirement. The new pension scheme ensures that an employee’s lifestyle & standard is maintained after retirement. Also, various government sector jobs in banking and railways continue to provide benefits like travel, stay or medical benefits to employees even after their retirement.
Relocation doesn’t mean change of jobs
Most government jobs especially bank jobs have good re-location policies for employees. An employee can relocate to a new place while working with the same bank unlike private companies, where this is not possible. This flexibility is helpful for people looking to relocate to place where their parents are or relocation after marriage.
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Public and national holidays
Government jobs have more holidays than private offices. In India, government offices declare holidays for almost all festivals but private offices do it in a very restricted manner. While few offices have optional holidays, few others have limited numbers like 10 holidays in a year. Also, if you are working for a foreign based MNC, you will not have Indian holidays. In this case, government jobs allow you to enjoy most of the festivals you celebrate without affecting your leaves.
Flexibility and more leaves
Government jobs offer better leave policy as compared to private jobs. The number of leaves and types of leaves are more in government sector. Also, approval of leaves is more flexible and employee-friendly than private jobs. In most of the private companies, you will be assigned with not more than 20 leaves in a year. The approval of leaves also depends on the work load and availability of backup.
Better work life balance
While government jobs have fixed working hours and switches are difficult, most of the private jobs offer flexible working hours and shifts. However, government is trying to break the rigidity. RBI initiated flexible working hours for their bank officers few years back to ensure better work-life balance.
Government jobs also have shorter working hours as compared to private sector jobs. Most of the government offices have 7 hours of working while private offices mostly have 9 working hour rule. Also, the number of login hours is stringent unlike government offices. A government employee thus can have enough hours at home and time to spend with loved ones.
Work from home
This is one option that many private companies offer to their employees. When there are situations where you cannot physically be present at office, you can request and choose to work from home. This becomes helpful when you are travelling or are not well enough to go to office but can still work at your comfort. Though this option is not available in government jobs, people are not affected much as they can afford to take leaves during travelling or sickness as they have more number of leaves.
Salary and promotions
Though private companies pay more, government jobs offer various incentives along with salary; many provide residence, transportation cost, medical facilities etc. Also, there are various allowances offered to employees. Thus, if you include all the other benefits that come with a government job, the difference in salary might not seem that huge. Government is also trying to make salary in public sector at par with private sector with the introduction of 7th pay commission.
In the private sector, you get regular appraisals and promotions as per your performance. On the other hand, in the public sector, promotions are based on various criteria like years of experience, internal examinations etc. But unlike private sectors, as promotions come with a gap in government job, the raise that an employee gets is significant.
As compared to private jobs, the stress level for work is lesser in government sector. This is because the public-sector work towards long-term goals and the work pressure mostly varies depending on time like end of economic year, festivals etc. On the other hand, private sector majorly focuses on short-term goals and work on deadlines. At times, these deadlines can add up to an employee’s stress level.
These are some of the striking differences between government and private job. Now, it’s up to you to make the choice. There are advantages and disadvantages of both private and government job and irrespective of the sector, you will experience ups and downs in your career. Whatever is the choice, it is important that you make an informed decision.