Pros
It is stable. You can coast and will always have a job. The pension and retirement plans are adequate. They are flexible with vacation time and within reason, taking "appointment" time and making it up. After 10 years, the Christmas bonus is substantial, and vacation time accrues pretty rapidly. Cafeteria style health benefits are more than adequate.
Cons
Not firing people because of lack of performance, and not tying performance to raises/promotions, fosters a level of apathy. Promotions are based on time at the company, not ability. Raises seem to depend very little on workload performed, overtime put in or extra responsibilities assumed. High performers and low performers are paid very similar wages. There is no real motivating factor to make people work harder. It is more important that you wear a tie and show up between 8:00 and 4:30 than it is that you are competent at your job.
