How students can be persuaded to choose professions in the public sector over those in consulting and finance, which are frequently the next steps for many graduates of elite universities? Are Big Five consulting firms or Wall Street merely using Ivy League institutions as recruitment tools?
Students who want these lucrative positions are sell-outs. It also seems that students at prestigious universities are informed that they have exceptional talents and are bound to work in public service because of their moral obligations. It explains why underprivileged children in public schools were only taught to be grateful instead being ethically perplexed if they obtained a well-paying, fulfilling work.
Additionally, during their working lives, this group of graduates may go through a number of professional transitions. A corporate job does not require a long-term dedication. In actuality, a few years spent working in the private sector may teach aspirant public officials useful skills that they can use to their “morally conscious” roles.
For instance, more young Chinese people today desire to work in government. Although their position “is undoubtedly going down,” China still wants international companies because of their expertise and dynamism. This is because geopolitical mistrust is seeping into business relationships.
Chinese working for foreigners have observed that they seldom rise above middle management and are the first to be let go during hard times. For instance, domestic IT companies continue to draw young people in thanks to their excellent salaries. However, they are also openly criticized in Chinese media for their hegemonic business tactics and their employees’ “996” work schedules, which require them to put in long hours six days a week from at least 9am to 9pm.
There are certain similarities between the two professions, including the need to adhere to timetables, carry out a list of tasks, possess fundamental expertise and frequently prior experience in the sector of employment, provide basic benefits, and apply wage and hour laws.
Details make the difference
Since private businesses compete with one another for consumers, the workplace climate in the private sector is far more competitive. This forces them to work profitably and with a solid bottom line. This reduces the possibility of waste and inefficiency in the private sector. In a market-driven workplace, highly effective workers are more expensive, therefore the private sector has the opportunity to pay higher compensation.
Ironically, though, it also tends to offer less “fat” in the form of perks and advantages. For instance, vacation and sick pay often total two weeks per year, with additional time off added at intervals of five or ten years and no rollover. In general, sick leave, accumulated time, and vacation time are also less generous. Group health, dental, and life insurance are all functions of “shopping” for the best deal for the business.
One could argue that working in the private sector enables you to earn more money up front but receive a smaller retirement pension. There is less stability and job security as a result of increasing turnover brought on by the competitive nature of business.
It is impossible to compete in the public sector. Most people who enter this area do so with a desire to help others. Everyone who works in the public sector—whether they are a schoolteacher, analyst, parks and recreation manager, librarian, or police officer—does so to contribute in some tiny manner to society. This kind of job has a human redeeming value.
While salaries may not be as high as they may be, they do exist at a level that is comparable to other cities and organizations, thus they are not obviously unjust. The public sector benefits greatly from stability and performs far better when there is little turnover. Jobs in the public sector tend to be ones that an individual can hold for a long time, with some roles spanning over thirty years or more.
Benefits in a public sector job also, typically, outweigh those in the private sector, with accrued paid leave and holiday time, all receiving regular increases every few years. Additionally, there are less out-of-pocket payments for the employee and more extensive medical, dental, and life insurance benefits. The retirement may be the best aspect of working in the public sector. In many circumstances, the employee will no longer pay into Social Security and, instead, have access to a different retirement plan that offers a more lucrative payout. Many of these are run by a State fund or entity.
Therefore, in the end, no place is superior to the other; each has perks and drawbacks. Which area is best for you depends on your working style, personality, and preferences. A private sector job is definitely the best option for you if you’re a highly motivated and competitive person who thrives in a changing environment and craves higher pay.
However, if you take pride in helping others, value job stability and benefits, and prefer a more predictable daily schedule, a position in the public sector might be right for you.