IBM

Innovative people, flexible work schedules, chances to work on cool technology, and depending on your location, the ability to have a "one stop shop" of software, hardware, and services guys all in the same company and room.

The sheer size of the organization makes each VP operate like its own company, making them fiercely protective of budget and people. This squashes chances for growth at a personal level.

Smart and innovative people are leaving for other companies, and the remaining people are struggling to contain the work. Managers are even leaving now for other opportunities.

Cost cutting has eliminated many perks and even cut retirement plans (see IBM's recent change in 401k match contributions).

Overall morale is low.

Delivery of EPS growth to shareholders is important. However, we cannot grow by continuing to "do the same" in the same markets. Management and leadership view attempts to innovate as "risky," so they are often squashed implicitly ("B" or "C" team contributors or poor project management) or explicitly (no funding).