Concept Business Studies

Profession and employment are two completely different things, yet they are co-related. However, the major difference between profession and employment is the qualification and the way they earn. Whether it is the world or business or anything else like education or hospital sector, in order to get employment, the qualification is required with respect to the nature of the job, for example, to become an accountant, you need to have the relevant qualification that is undergraduate/postgraduate degree in commerce. On the other hand, for starting a profession special qualification and training is needed.

Profession

Professions are those activities that need persons to have specialised knowledge and skills in order to do their jobs. Professionals are people who work in particular fields. Some of the professionals are bound by professional bodies’ norms or codes of behaviour.

For example, chartered accountants work in the accounting profession and are governed by the Indian Institute of Chartered Accountants.

Features of Profession

• A person who wishes to pursue a certain career should have the necessary specialised knowledge and training. For example, to enter a certain profession, one must acquire a professional degree such as a C.A. or M.B.B.S.

• Every professional organisation has a code of conduct that all members are expected to adhere to. It specifies how members should act.

• For delivering their services, professionals charge clients a price.

• If advertising is prohibited by the professional body, a professional cannot market himself.

Important Professional Bodies in India

• Medical Council of India (Medical profession)

• Bar Council of India (Legal profession)

• Institute of Chartered Accountants of India (Accounting profession)

Employment

An employee is someone who is paid in exchange for doing the job for others. Employees are persons who work for someone else. Employees could be working in factories, banks, insurance firms, government departments, and other places at various levels. Wages and salaries are paid to them.

For example, working at different positions in offices, banks, colleges, insurance businesses, and stores as a manager, developer, or salesperson.

Features of Employment

• When a person joins a company to provide personal services, they are said to be employed.

• No capital investment is needed of an employee.

• Employees are compensated for their contributions to the company by receiving a salary or pay.

• The employee will be required to adhere to the employer’s service standards and regulations.

• There is an employer-employee connection. A person who accepts a job is referred to as an employee, while the person who offers the service is referred to as an employer.

Classification of Employment

Personal Service

Personal service is further classified into three categories, domestic, business, and independent. This type of service refers to the employment provided to a third person in exchange for services. The services can include office clerks, managers, engineers, lawyers, etc.

Public Service

Public services include the services provided by agencies like central or state government, or local or governing bodies. These kinds of services are essential to successfully executing the nation’s trade policy.

Comparison Table

Conclusion

As a result, professions deal with areas associated with delivering services, and professionals charge a fee for the services they provide. Individuals who work for another person on a regular basis and get money in the form of a wage are considered to be employed.