During last week I had two conversations about the PEOPLE in organisations.
One of the new recruits of public sector bank told me that before joining public sector bank he was with the largest private sector bank. On my asking why did he left ? he responded - It was highly stressed organisation. From Peon to CEO all are living in high stress.
Work culture in Public sector is relaxed in a way. They employ more people , less efficient and these are less ROCE enterprises.
Same day I had an occasion to meet someone very senior in public sector general insurance company. Officer told me – yes we want to make change and want to make organisation customer centric but you know we are public sector company and people mindset is a major issue.
Job is mostly secured, union support, high employment ratio, pay scale is relatively less but work culture is also relaxed, mostly corruption on higher scale, listed but suffers low PE.
Private sector companies less job security, high pay scale, high work related stress, low employment ratio so higher work pressure , corruption , hmm, well little less, listed entities so huge performance pressure.
Companies in both sectors are competing with each other.
Inefficiency, low ROCE vs highly efficient and high ROCE , low pressure vs high pressure, high employment vs lean employment.
Which one is better ?
Do we want more efficiency , better ROCE and therefore high stress and pain or we want more employment, less stress & therefore more happiness ?
What do we really need ? In the name of privatization and capitalism, humanity is lost somewhere.
My vote is for the man who switched to public sector job leaving highly paid private sector job. People in public sector can be trained for efficiency , attitude and customer centricity but we cant train and convince capitalist for lesser ROCE for better happiness at large.
For sustainability of humanity private sector MUST learn and take some clue from public sector.
What do you think? Are we in a big trap of a few capitalists ?