+ The "bottom line" is not as much of a driving factor (though it might be more so with city government than with higher-level agencies). "Billable hours" not usually a big deal.
- Politicians are a driving factor, even more irrelevant to the optimal engineering solution than this fiscal year's bottom line. They impose requirements they think will be good for their image, not necessarily what is best for the infrastructure. And shifting trends in voter hot-button issues (e.g., whatever the latest citizen complaint letter might have mentioned) means various budget items take turns having disproportional focus.
+ When dealing with outside contractors and consultants, you're the client. You're in charge; you don't have to sell yourself or your company to anyone.
- You still answer to "the public", and that's a pretty nebulous concept. Ethics laws vary; in some places you're corrupt if you accept a cheap ballpoint pen or a cup of coffee. The default assumption outside your work group may be that you (along with the rest of your ilk) are either a crook or just waiting for the right opportunity to become a crook.
+ Non-salary benefits are often better than those in the private sector, and your hours are likely to be a lot closer to a regular 40-hour week. (See above comment about bottom line & billable hours.) This may mean that even though your salary is lower than the private sector, your dollars per hour, especially when benefits are taken into account, are more. Government work is good for people who value time more than money.
- Because productivity isn't the main concern, there's a lot more room for deadwood. Don't expect everyone around you to be at the top of their game. Some people work for the government because they enjoy contributing to the Greater Good or they like the more laid-back environment; others work for the government because they couldn't survive in the private sector. (I sometimes wonder which category I'm in.)
+/- (depending on your viewpoint) The ratio of "human engineering" to actual engineering is much higher in the public sector. It's a lot harder to be the person who just sits in their cube and plays with numbers. Most of what you do you will need to present to someone else, very often a non-engineer. You'll need good written and oral communication skills. And I don't just mean making yourself understood, but also figuring out what others are trying to say, even if they don't have good communication skills.
That last point (+/-) is my favorite part of my public sector job, which I would never have predicted when I first embarked on an engineering career. A lot of what I do, on top of monitoring what contractors etc. are doing, is making sure that Party A understands what Party B is doing and takes that into account when they plan their course of action. Sometimes Party B is me, sometimes it's someone else.
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