Pros
I've been impressed with the transparency that upper management gives regarding earnings and expenses. They also do a great job through out the year telling you how the bonus structure looks (done quarterly). I was even surprised when HR sent out emails telling everyone that they should up their 401(k) because bonuses are given out and that money is not put into the 401(k) automatically. The company is doing very well. Nationwide has 2 pillars P&C (auto, home, commercial, ect.) and Life (financial, life insurance, annuities, group & health, ect.) They earn about the same revenue each year now making Nationwide the most diverse insurance company in America. I really am confident that there is no single one even that can completely destroy this company (well there could be, but I think everyone in the nation/world would have a lot bigger issues than how my employer is doing). Nationwide also has many more products with special risk, vet pet insurance, agribusiness and much more. The pay isn't to bad either, at least where I sit. I was able to get a raise when I moved here from another company. I feel like they are competitive and overall work to get you to a point that is equal to your peers. Nothing is perfect, but they do try by being transparent with paybands. Each job has a payband of A-H. H being AVP level and up. Bonuses start at Level A. A-C at 1.5%, D-F at 2.0%. G&H use a different bonus model that is dependent on the earnings of your department and not just the enterprise. G bands get 5% and H bands much more. All bonuses are multiplied by a factor 0 through 2 based on metrics. We've done well the last few years. getting over a 1.5 for 2013. Work life balance is pretty good. Depending on your level and department some may work more than others. I was a consultant before and the balance can not even be compared. I can leave after 8 hours if I want/need. Vacation time is PTO and dependent on PayBand Level and years of experience. 401(k) is 3% on 6%. Nationwide has a pension that basically gets you to the other 3%. I verified that through using my actuarial background/experience. Engagement is very important and they do surveys every year. Often times rewarding teams upper management for good engagement. There are perks like blue jackets tickets and other engagement activities throughout the year.
Cons
Getting into Nationwide can be somewhat difficult if you didn't land here out of college. Many times they hire within and then fill low positions with new people out of college typically or people willing to go down a level. I fortunately didn't have to go down a level, but I received a very hard interview process to get the job. In my opinion harder because I wasn't a Nationwider. Health Benefits are eh. They have lots of coverage but now use high deductible plans and then fund back with HSA's. They also make people jump through hoops with fitness plans and health numbers to get money back. Spouses with coverage at their employer will have to pay more to get on the Nationwide plan. 401(k) could be better, but is on par wit the industry. Career discussions really rely on your manager and I can see how people could get lost in a large company. Actuarial program is good on study time, but bad on pay and bonuses. They use a $500 per hour model which is the lowest I've ever seen. Most companies are $700 and my previous employers moved to $1,000.