Career prospects in the private sector
The private sector is everything outside the government? thus the employment sector that is not controlled by any government body.
The private job market includes a range of corporate bodies such as profit and non-profit enterprises and financial institutions. There are many career opportunities and prospects in the private industry from being an entrepreneur generating your own income, to working in a listed privately owned company. The possibilities are endless.
The main difference between a career in the private industry vs. public sector will be based on the fact that private sector is mainly focused on showing growth and making a profit at the end of the financial year.
Choosing a career in the private sector does have definite benefits such as:
- Excellent remuneration packages
- Salary increases based on performance
- Excellent medical schemes
- Maternity benefits
- Better promotion opportunities
- More networking opportunities
Another difference in career prospects between the government vs private sector lies in the structuring of salaries. Government employment provides more security, but promotion is mostly based on seniority, whilst the private industry provides salary increases and promotion based on performance.
The government corporate culture is also more structured. The organisational structure is hierarchical whereas in the contemporary private sector, a move towards more teamwork and project orientated management can be seen.
In certain areas such as health care, professionals prefer the private sector because of higher salaries. If you are looking for fast promotion possibilities, then work in the private industry is for you, while promotion may take longer in the government. In the government sector however, you can climb right to the top of the hierarchical structure. This means that there are more career prospects for promotion should you have the qualifications combined with years of service and loads of patience.");