In my role as the CEO of World Business Chicago over the past four years, I have had the distinct privilege of spearheading and overseeing private-public partnerships. Also serving as the city’s chief marketing officer, which involves collaborating extensively with the mayor’s administration, I’ve gained a profound appreciation for the diverse interests that converge in the pursuit of government objectives.
With more than two decades of experience leading startups and corporate entities, it’s no surprise that one of the most frequently asked questions posed to me is for insight into the intricate dynamics that differentiate government and the private sector.
My experience over the past four years has illuminated the nuanced and complex reality of civic duty. I see five crucial distinctions between the public and private sectors that merit our attention and understanding:
• Complexity: Government leadership, whether as the mayor of Chicago or as a city agency commissioner, requires dealing with complexity that surpasses that of any private enterprise. This is due to long-term policy decisions, investment considerations and the ever-evolving dynamics of an urban community and its societal structure. Government leaders can’t easily address these factors within the span of an election cycle and while navigating stringent constraints.
• Constituents: While corporate leaders discuss their diverse stakeholders, elected officials bear the responsibility of serving an incredibly diverse array of constituents and interests. All demand, rightly so, 24/7 attention, accountability and action. Elected officials and politically appointed leaders are expected to represent all of the United States, which in significant contrast to the more focused responsibilities of corporate leaders.
• Workload and compensation: There’s a common misconception that leaders in government and their staffs adhere to a relaxed 9-to-5 work schedule. My experience, particularly with the mayor’s office and public service in general, has revealed a vastly different reality. Many dedicated individuals in public service put in tireless hours, often earning compensation below what they could command in the corporate sector. Numerous people working in the public sector prioritize the interests of Chicago residents over their own families and loved ones.
• Public scrutiny: Corporate CEOs may grumble about a critical media landscape, but it pales in comparison with the intense scrutiny that elected officials and their counterparts face. Public figures always operate under a microscope and face relentless criticism and stringent public accountability.
• Media landscape: While some media coverage of public officials can be challenging and not necessarily always objective, it’s crucial to recognize the media’s role as an essential guardian of a functioning democracy. Over the last few years, we have seen a lot of disinformation and challenging of traditional media entities, but we can’t lose sight of the fact that we need strong journalistic voices and investigative reporting to ensure the accountability of all elected officials and civic employees.
Disagreements with government policies and decisions are inevitable in a democracy. It’s an art form to maintain mutual respect in public-private discourse, one that opens doors, fosters understanding and moves us closer to achieving shared goals. The sacrifices and dedication of public servants, who tirelessly work for the betterment of our communities, deserve our respect. Offering a simple “Thank you for your service,” even in disagreement, is essential to maintaining a positive civic culture that encourages our children to enter the noble sphere of government positions and public service.
As I prepare to return to the private sector in a few weeks, I carry with me a profound appreciation for the civil servants who dedicate themselves to improving our lives. The times in which we live require us all to be good stewards of government and business.
Public-private partnerships are not just a nice-to-have; they are a necessity in today’s complex landscape.
I urge all of us in business to actively engage in this critical collaboration for the betterment of our communities and all our neighborhoods. It’s the only way to ensure the continued success of our great city.
Michael Fassnacht, a 25-plus-year marketing veteran and business executive, is the outgoing president and CEO of World Business Chicago and the first-ever chief marketing officer for the city of Chicago.