IBM

Nice people (except some managers), office location and equipment, almost free parking (yet), moderate amount of work/tasks, good work/life balance.

Freedom to organize your work, home working up to 3 days a week.

Still a good entry on a resume. Unlimited access to documentation and books.

A good place to learn IBM technologies, although certifications are not free for employees.

Salaries below market average. Less and less bonuses/profits every year. Never-ending "crisis" which they use to explain why there are no raises. Annual evaluations are just a comedy. Only a few projects, mostly concentrated around support (L2/L3), with low diversity of projects.

Constant pressure on patents and publications. Not too many opportunities to grow knowledge/experience in the software industry, as the lab suffers from "reinvent the wheel" syndrome. This means "use only IBM tools and libraries or code everything from scratch" (meaning no libs like Hibernate, etc. allowed in the projects).

Many valuable people's efforts go unnoticed and/or underestimated, while a few ones are making quick and brilliant careers without any visible reason. I'd also say that not all managers are the right people in the right place.

Pay more attention to how promotions to management/higher technical positions are done. Be more industry standardized; use and support open source technologies. Make sure experienced employees get paid above market average, or you will end up with students and newbies only. Make evaluations more honest and not based on statistical distributions with numbers for each category imposed from the top.