Aspirants desirous of making a career in the banking space are often faced with a dilemma- public sector or private sector? It is not an easy task to choose between the two because each has a set of pros and cons. Aspirants who know what they value more would be able to decide faster. Most of the recruitments for private sector bank jobs are done through campus placements. Sometimes they do advertise for available positions in the newspapers and on their respective websites also. The findings of a recent survey found that the hiring activity is more pronounced in the public sector banks as compared to private sector banks. One can easily find confirmation for the same by comparing the number of advertisements for openings in public sector banks as it compared to the private sector banks.
A major pro in favour of public sector bank jobs is the fact that job security comes as a part of the package. In a public sector bank, an employee is given several chances to improve one's performance if there is a gap between desired output and the output produced. One needs to commit a huge blunder in order to lose the job. There is also another benefit in the pension that the public sector banks offer. The pension assures a steady income during old age. Other perks include bank loans at very low interest rates and additional interest rates on deposits. All in all, public sector bank jobs, though not very exciting, represent stability and security.
Private sector banking is the right arena for those who are ambitious. Not only are the salary packages better in the private sector banks, but also growth opportunities are more. As compared to public sector banks, where promotion is irrevocably tied to seniority, private sector banks offer fast track growth to then go-getters who are willing to invest extra time and energy. So, the two major pros in favour of private sector banking are the better pay scales and unlimited room to grow irrespective of the number of years put in. Also, the salary hikes in private banking space are more substantial as compared to the public sector banks. On the flip side, because the private sector is highly professional, job security is a bit of an issue. Employees are constantly evaluated and have annual appraisals which rate their performance for the year gone by.
As can be seen, both the public sector and private sector banks have their own sets of pros and cons. In fact, what might be a pro for one might be a con for the other. For example, someone looking to scale heights of professional and financial achievement might be left uninspired by public sector banking where a hard worker and a complacent worker get treated the same. However, for someone looking for a professional and financial anchor might settle for public sector banking. In the end, it all comes down to personal priorities. An aspirant needs to take into account what is more important for him/ her and take the call accordingly.