IBM

People were always great, and some truly creative and wonderful intellects worked there. We were able to work at home when necessary with no trouble. Good contribution to 401K (but that has since been modified; it's no longer by pay period but once per year, and only if one is working on Dec 15, hence layoffs prior to Dec 15.)

Too big, which clogs productivity even when intentions are good. Obsession with stock returns instead of doing things well.

Speaking from experience as an acquisition (i.e., member of an acquired company), their aim is to squeeze out whatever they can with minimal investment—they worked people to death, laid off good people, and neglected basic maintenance of software in favor of flashy non-enhancements. Within our acquisition, the approach was to pile on more and more work while laying people off. In the process, the application was run into the ground.

The system of performance reviews based on "stack ranking" (that is, a quota of bad ratings—someone must get a bad rating, regardless of actual performance) is horrendously toxic. Everyone hated working there, whether they were being laid off or not, even people in Watson, supposedly the hottest area.

Lose the obsession with stock return and the self-destructive "roadmap" (which is their plan to increase the return per share to an arbitrary target to the exclusion of all else, resulting in massive layoffs and buybacks).

Get the executive level back in touch with the field. Go back to creating actual things (in which I include software) that work; go back to servicing them well.

[But everyone should note that the current situation is certainly not Ginny Rometty's fault -- she inherited it. She may or may not have a plan to fix things, but she didn't cause them. Their business model is to offset declining sales by cutting costs (layoffs and benefit reductions), buybacks, and accounting tricks, to which Wall St is now catching on. It may have made sense when it was started, but not for a long time. They're in a suicidal death spiral, the main problem being that the existence of Cloud negates the need for their core business. No doubt they will succeed in re-inventing themselves yet again, but it hasn't started yet, and will be very painful and messy.]