The world of business is facing a draught of confidence, and more than ever now generally the public see business as ‘the enemy’, whether it is for tax related matters or profits being made or laying people off and cost cutting and these issues coming up again in different guises knocks down public faith in business and the private sector time and time again.
However, it must be said that businesses are actually saving our economy and creating jobs, meaning the UK still has one of the world’s healthiest economies. The majority of businesses are operated by well-meaning citizens who care about the wider economy and society, not just themselves. So what are the advantages of privately-owned businesses?
Improved efficiency and cost-cutting
Private companies have a profit incentive to cut costs and be more efficient, which is good news for customers. More pressure from shareholders also pushes increased productivity and efficiency.
Competition between big business spurs on improvement, and means better prices for customers. Look at the big supermarkets, for example. They are always trying to outdo each other with special offers and deals to entice customers in and gain their loyalty.
Lack of political interference
Privately owned businesses have much more freedom as they are not ruled entirely on government policies. The public sector is often motivated by political pressures rather than sound economic and business sense.
Whilst there is no doubt that big business contributes greatly to the wider economy, are there individual benefits for you if you are employed by a huge corporate?
As business grows, so does employment. Positions regularly open up for people of all levels to join corporates. If you work for a big business, there is more opportunity to move between roles and to get promoted. Commercial organisations tend to invest in the learning and development of employees who show potential, so there is a better chance of moving into a position of seniority.
Gain a variety of experience
Due to more opportunities, there’s chance to gain more varied experience at big businesses. Moving around departments, or even from one corporate to another, provides a dynamic and exciting career complete with learning plenty of new skills along the way.
I’d be keen to hear others’ thoughts on this polarising topic. Please feel free to share your views.