I'm a government contractor (DoD) pondering becoming a government employee (DoD again). There's an opening in my area that matches my skill sets. It pays about 10% less than my current position. But people tell me the stability and benefits are worth it.
Have any of you made the transition from private to public employment? What did you like or dislike about it? I made a list of pros and cons below. Does this list align with your experiences?
Pros:
-Stability. Contracts aren't always renewed. DoD likes contractors because they can be hired and fired in waves. Need 1,000 workers right now? Make a 12-month contract with an employment company. Oops, you overestimated and only need 500 workers? Wait until the contract ends and tell the company to fire half of them. Government employees are harder to get rid of.
-Pension. Gov employees gets pension equal to 1% of the average of their 3 highest-paid years times their years of service. Typically that's 20% of their income. I still have 30+ years until I retire. It would be nice to work for the next 20 years then go into semi-retirement.
-401k. For gov workers, it's called the Thrift Spending Plan. It matches 100% of contributions up to 5% of income. And it's vested from day 1. My current employer matches only 50%, and doesn't vest until 5 years of employment. I'm told that's a good 401k. TSP blows that away.
Cons:
-Low pay. Like I said, it's a 10% drop. The "step" pay scale ensure a ~$2,800 raise every year. It would take several years to get back up to my current pay, and I might never catch up to what my pay would have been.
-Government is broke. With secuestration and the two parties at each other's throats, government jobs don't seem so secure. DoD jobs are better protected than, say, USPS. But there's a risk of a government shutdown or cuts.
-Rewards mediocrity. As I understand it, the $2,800 raise is based on seniority, not performance. As long as you work just hard enough not to get fired, you get $2,800 more every year. If you bust ass and really do well, you might get a director to shake your hand, but no bonus or extra raise.
Your opinions?
Have any of you made the transition from private to public employment? What did you like or dislike about it? I made a list of pros and cons below. Does this list align with your experiences?
Pros:
-Stability. Contracts aren't always renewed. DoD likes contractors because they can be hired and fired in waves. Need 1,000 workers right now? Make a 12-month contract with an employment company. Oops, you overestimated and only need 500 workers? Wait until the contract ends and tell the company to fire half of them. Government employees are harder to get rid of.
-Pension. Gov employees gets pension equal to 1% of the average of their 3 highest-paid years times their years of service. Typically that's 20% of their income. I still have 30+ years until I retire. It would be nice to work for the next 20 years then go into semi-retirement.
-401k. For gov workers, it's called the Thrift Spending Plan. It matches 100% of contributions up to 5% of income. And it's vested from day 1. My current employer matches only 50%, and doesn't vest until 5 years of employment. I'm told that's a good 401k. TSP blows that away.
Cons:
-Low pay. Like I said, it's a 10% drop. The "step" pay scale ensure a ~$2,800 raise every year. It would take several years to get back up to my current pay, and I might never catch up to what my pay would have been.
-Government is broke. With secuestration and the two parties at each other's throats, government jobs don't seem so secure. DoD jobs are better protected than, say, USPS. But there's a risk of a government shutdown or cuts.
-Rewards mediocrity. As I understand it, the $2,800 raise is based on seniority, not performance. As long as you work just hard enough not to get fired, you get $2,800 more every year. If you bust ass and really do well, you might get a director to shake your hand, but no bonus or extra raise.
Your opinions?