IBM

Many very bright people; a great professional, respectful, progressive, and inclusive culture; many complex problems that offer a lot to learn from; many job and training options within the company; excellent core values; more collective and longitudinally successful contributions to computing than any other tech company out there; professionalism is higher than at many other companies; less fad-driven than other big tech companies with more high focus on execution, delivery, and expertise.

Pay level is usually lower than Silicon Valley or other competitive companies. The "top winners take-all" compensation strategy creates relatively low pay increases each year, unless you're a top performer in the org.

It lacks the employment clout that other FANG-like companies command, regardless of actual employee talent, company capabilities, and technical vitality ("legacy underdog" status).

There are routine layoffs depending on your part of the company.

Outdated employee assessment policies are in place.

Upper and middle management often provide little technical expertise and are more bureaucratic in their roles.

The C-suite leadership has a varied and cyclical history of execution and growth (stock price can skyrocket or drop precipitously) but huge compensation packages regardless of success.