Job Security, Always will be a concern

Figure 1:Public or private (Source: (Nagar, 2020)

A few weeks ago, a well-educated, energetic young woman who worked for my office tendered her resignation because of joining the public service for lower pay than now to work in a rural area. Later came to know that uncertainty about job security in private firms forced her to leave benefited may be sounding professional carrier behind to join the public sector.

There is no doubt that job security is the utmost priority for many considering long-time employment.It is an assurance that you have your employment in the foreseeable future irrespective of outside factors. It also means that as long as your employer is satisfied with your performance, they will not terminate your employment (Bhasin, 2020) It will guarantee steady income and the ability to plan future.

The public sector will be contributing to the economy by mostly providing essential public services to the common public, which will be controlled by the government or its authorized bodies whereas the private sector control by the companies or individual businesses that will be focusing on profits (Thakur, 2021).

What are the key  differences between the public sector and private sector job employment?

Table 01: Public sector vs. Private sector

Key Charcatasitcs	Public Sector	Private Sector
Wages	Lower than private sector	Higher than public sector
Benefits	Most of the time pension will be there	Depending on the job profile
Carrier path	Mostly based on experienced and circulars	Can build based on performance
job security	Backed by government	No guaranty

In common view, private sector employers and its employees may need practical knowledge, creativity, tactical approaches, productivity, efficiency to operate their business locally and globally than public sector employees to operate and survive in the market. 

But the young workforce intends to choose public service rather than private sector; more income-generating companies for the country's economy for their employment, will miss their contribution to the economy, which resulting negative impact the country's economy in the end.

It is visible that job seekers are more willing to go for public service because they believe a guarantee by the government in their employment will secure their future. Also, they may feel it is unbearable to face the pressure to perform if they join private firms and may lead to losing the job if they weren’t up to the task.

To meet that challenge it is very much needed to evaluate education systems and train result-oriented people who can bear the pressure to perform for a new generation who will end up in private firms for employment.

In the Sri Lankan context, we can identify the same situation as most well-educated, talented employees will remain in the public sector without using their talent, or knowledge to their potential. To attract more skillful, talented, and knowledgeable individuals to the private sector for their employment, and to raise its economic activity, it is need of the hour to secure their employment regulations by low and feel them secured. Otherwise, it will be a burden on the national economy and a waste of time and money invested in them through the free education system.

 

 

https://www.youtube.com/watch?v=QooNjilvtT8

References

Bhasin, A., 2020. Job Security – Definition, Meaning, Threats, Advantages. [Online]
Available at: https://www.marketing91.com/job-security/[Accessed 15 December 2021].

Nagar, S., 2020. Confused between Government and Private Sector? Here’s a comparison. [Online]
Available at: https://www.observerdawn.com/en_us/news/Confused-between-Government-and-Private-Sector-Here-a-comparison
[Accessed 18 Decemeber 2021].

Thakur, M., 2021. Public Sector vs Private Sector. [Online]
Available at: https://www.wallstreetmojo.com/public-sector-vs-private-sector/
[Accessed 17 December 2021].