The private and public sectors are needed for the development of the nation as it eventually leads to the rise of the GDP of a nation.
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Seniority is what paves the way for promotions and higher salaries, along with a wide range of incentives.
The greater the employee’s age, the higher their position. But this isn’t the case at all times. There are many exceptions.
A few of the public sector firms include post and courier services, railway services, other public transport services, etc.
Main Differences Between Private and Public Sector
- While the private sector is owned and maintained by private owners and individuals, the public sector is solely under the government of a country.
- The private sector has no levels of governance or owners, whereas the public sector has three tiers of governance.
- Employees are promoted based on their performance and merit in the private sector, whereas in the public sector, they are promoted based on their age and seniority.
- Private sector organizations earn their income and funds through investments and sales, whereas public sector organizations gain funds through the government in tax.
- The private sector cannot provide services such as postal and railway transportation, whereas the public sector can.
Conclusion
Both the private sector and the public sector are needed for the smooth development of a nation.
These days, people tend to opt for services provided by the private sector as they are believed to be of better quality and have greater value.
In the case of job guarantees, it is the public sector that is ahead. People keep repeating the exams to gain entry into the private sector year after year.
With proper educational qualifications, everyone can obtain a job in both sectors without much hassle and can go higher up in positions.
The workload in the private sector tends to be greater than what the employees are paid for at times.
Corruption and bribery would be rare in the private sector as it does not hold great power over things such as land acquisitions, etc., which are often carried out through bribes.
References
- https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6210.2006.00620.x
- https://academic.oup.com/jpart/article-abstract/16/2/289/908278