If you work for a company that is publicly traded, then you are working for a public company. A publicly traded company has shares that can be bought and sold on a stock exchange. On the other hand, a private company’s shares can not be bought or sold. This is the main difference between private and public companies. Working for either type of company has its own unique set of pros and cons and if you’re considering which company to go with, review this list of benefits that can make or break your decision.
Public Company Benefits
Public companies consist of schools, councils, emergency services and many scientific and research positions. This sector has a huge variety of job opportunities and benefits for employees. The top benefits of working in the public sector are job security and helping your community. The reason why these companies have stability is because of the government support. Giving back to your community is another benefit of working in the public sector, which gives employees a sense of responsibility and purpose. According to jobs.ac.uk, “A sense of responsibility to the community is instilled in public sector workers. The flip side of this is that you can directly affect your local area, or even the nation, for the good through the quality of your work.”
Private Company Benefits
Although people may view a public company as a major competitor in the market, the most driven and well educated individuals reside in the private sector. This sector is full of small businesses that offer great benefits and promote self-worth. The top benefits of working in the private sector are greater pay and career progression. Most companies, depending on the size, will invest in the learning and development of employees who show potential to further help the growth of the company and that individual’s career. Although smaller businesses tend to be more competitive, employees are given the opportunity to create and contribute innovative ideas to help them stand out. Personal growth is a huge benefit in the private sector along with greater pay. The reason why private companies are able to provide better pay is because of the financial burden public companies have to face with the increase in benefit costs for them. According to the Congressional Budget Office, “During the 2011–2015 period, the federal and private sectors differed much more with regard to the costs that employers incurred in providing current and future benefits—including health insurance, retirement benefits, and paid leave—than they did with regard to wages.” Not only does this added benefit of private companies offer employees more pay but it also provides them with greater benefits in the form of insurance coverage, vacation time, and bonuses.
Whether you decide to go with a private or public company, there are many things to look out for when determining which is best for you. At Poet’s Walk, a Spring Hills Memory Care Community, we offer and look for great candidates who seek professional development and stability in an incredibly rewarding field.