When you look for a job, you always come across the question of whether to join a product company or a service-based company. You keep wondering what they are, how they matter and so on and so forth. Well, today we are here to tell you the difference between a product and a service based company so that you can decide where to apply for a job.
Before we start to tell you the difference, let’s learn what these are.
A product based company is focused on producing products to sell in the market. These companies produce high-quality products and work extensively on improving product quality consistently.
A service based product on the other hand offer solutions to clients in the form of skills, expertise or services. They focus on offering a skill to the client which solves their problems.
Difference Between A Product And A Service Based Company When It Comes To Job
1. Job stability
Product-based companies are better at job stability as compared to service based companies because service-based companies mostly hire on a project basis whereas product-based companies need constant re-evaluation, correction, and up-gradation to the product to keep it market updated. So they look for long-term associations only.
2. Work pressure
Service based companies work on tight deadlines for their clients and thus have immense work pressure. A product-based company also has a deadline but usually, it is a longer period which makes it easy to work on and once the product is launched, the pressure is eased.
3. Flexibility
The above point brings us to flexibility at work. Product based companies offer huge flexibility because they expect the end product, at the end of the deadline while service based companies focus on short time projects and thus need you to work without a miss.
4. Career Growth
Service-based companies offer an average growth rate specially to freshers because they are mostly put on supporting projects due to a shortage of time and the expertise required to finish a project quickly. Product-based companies on the contrary offer an excellent learning curve and good career growth.
5. Monetary Gains
Services-based companies have lesser salaries and offer little or no perks. Product companies offer higher salaries, decent salary hikes and great perks.
6. Difficult To Crack
As you have already understood by now that product-based companies are more beneficial to join which increases the competition. They have high-standard interviews and expect the candidates to be well versed in the subject.
Now you know the difference between a product and a service based company, so it shouldn’t be a difficult task for you to choose which type of company you want to join.
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