Microsoft

Compensation is above market level, with good benefits.

Working with many smart people.

Working on big projects that impact millions.

Multiple teams touching many Microsoft products.

Most people have offices (1-2), but this is changing.

Relocation opportunities.

Too many major reorgs and project changes. It's rare to work on the same project for more than a year or so.

It's a pity to see hard work thrown in the garbage can.

The company as a whole is still looking for direction.

Too much internal competition between individuals and teams (at all levels). There's lots of internal politics and groupthink.

Poor work-life balance (mostly in more senior roles), partly due to work with the West Coast.

Working in the Microsoft "walled garden" (.NET/C#/SQL/Office/etc).

Very difficult to move to the management track.

Listen to your employees directly. MS polls and HR roundtables don't seem to work.