There was a time when every job seeker in India wanted to work for a multinational company. But now the times have changed.
By Abhishek Patil,
There was a time when every job seeker in India wanted to work for a multinational company. But now the times have changed. Though the private sector has grown multi-fold in the last few decades, the craze for government jobs in India has only increased. Take for instance, one of the most reputed government exams in the country, the UPSC CSE, the trend is as shown in the figure below.
The government sector has a lot of scope for people who look for stability in a job. Besides, the sector offers multitude of profiles for a person to choose from based on their field of interest and qualification. Another factor to consider here is the current government policies. With campaigns like ‘Make In India’, the number of jobs in the government sector will be rising in the years to come. Hence, the sector has impressive prospects for job seekers.
Apart from this, fronts on which a government jobs oust their private sector counterparts. These are as follows:
– It’s where the jobs are
A report outlining the NDA’s vision, Transforming India, released by the Department of Administrative Reforms last month, says 175 million new jobs could be created by 2032 if the economy grows by 10% annually; the figure is 115 million if it grows by 7%. And most of these jobs will be in the government sector. Take the Indian banking sector for instance. According to a report by Icra Ltd, the rating agency, the public sector banks hold more than 75% of total assets of the banking industry. Private and foreign banks hold more than 18% and 6%, respectively. Not to mention the jobs also have a similar ratio.
– Endless options to choose from
People coming from all kinds of educational backgrounds are welcome by the government. You are an engineer, wanting to work as a banker; the government sector has options for you (IBPS PO, IBPS Clerk). There are multiple public sector units like BEL, BHEL, GAIL etc. which hire people for all sorts of profiles. There are jobs in the central government such as IAS, IFS, IPS etc. wherein you can actually bring about a change through your policies. Positions like those of IFS help you realise the dream of working in a foreign country. Even if you aspire to serve the defence forces of the country, the government sector provides you with plenty of options.
– Competitive compensation
Since the introduction of the 7th pay commission, the pay scale of government jobs is at par with its private counterpart. Apart from the monetary compensation, government jobs also come with generous benefits such as accommodation facilities, health benefits, lifelong pension etc. Take for instance, a public sector bank employee, his/ her pay scale is shown in the following figure.
– Job Security
This is by far one of the biggest advantages that a government job has over a private one. Government jobs are not affected by a poor economy. There is very little chance that any government employee will ever lose his/ her job. In most of the cases, the job is retained until the individual is eligible for retiring. Employees in government offices have a fixed income during their entire term and the job security is also retained till the end. This is best stated by the following statement made by Mr. S. Mohan, Executive Director (HR), Bharat Petroleum. “Public sector companies have been doing cutting-edge kind of work in all areas of the oil business. This kind of expertise has not been there in the private sector so public sector employees get picked up like cherries. most of the leading public sector companies. Including Bharat Petroleum other PSUs go through elaborate recruitment processes. This means that we have a crop of people that are in demand”
– Reputation or Societal Status
In our society, an IAS officer, a banker or an Army officer etc. are highly respected jobs. Also, government jobs put you in a position of power and thus, there will be people working under you and will give you the respect you deserve. Also, the private sector places high value on people who have worked in the public sector. Most of the people from the public sector are excellent in terms of functional knowledge and are well-trained in a variety of areas such as banking operations, general banking, forex and treasury and thus are in high demand. Even a retired government official is highly valuable. They can take up various positions either in the government or private bodies and can offer consultation on various matters. Thus, even after retirement you can continue to reap the benefits of your skillset.
– Good work exposure
As a government employee, you could be working in various departments. For instance, an IAS officer is responsible for the government affairs and working in the areas of farming, implementation of the policy etc. This implementation of policies calls for supervision and also traveling to various places. Also, during the course of service, an officer’s responsibilities change. All the beginning of their career IAS officers join the state administration at the sub-divisional level, as a sub-divisional magistrate, and look after law and order, general administration and development work in the area under their charge. This provides a great exposure and experience to the person.
– Working for the public good
Working for the government might mean overseeing inspections that insure the quality of food supply, conducting scientific research that leads to breakthroughs in science and technology, conducting surveys and analysing data that creates better social programs for children and families in need. Or, it could mean writing the reports, building the infrastructure, or cooking the meals that support those vital projects. One of the biggest draws of government jobs is the chance to make a positive difference, which is a source of pride for employees. This satisfaction comes from knowing that one is helping and serving people in their roles as public employees. The benefits a government job offers, combined with the opportunities it gives to the people working there, it surely is a sunshine sector in the coming years.
(The author is CEO and Co-founder, Oliveboard – online learning and assessment platform for banking and government exams. Views expressed are personal.)