Pros
Salaried compensation is at or above what you would find in the market. Benefits are comparable to similar size companies. I had some great leaders and mentors that helped develop me. I gained a lot of experience with my years with Caterpillar. They kept challenges in front of me to keep me motivated.
Cons
Company culture under new CEO is deteriorating. This is sad because culture was the most significant positive thing I noticed when I started with the company years ago. They have a great severance package. However, they don't follow their own processes with regard to their TTP (job loss) program. The employee in the job pool is supposed to get priority in the list of candidates who applied a given position. They choose to ignore their defined process and bypass the priority rules. This is sad when they claim to be focused on process discipline and structured processes. They are adapting the 'GE model' with STIP bonuses which turns out is not the best model to follow (reference GE position today). There is a pool of money to divide amongst employees. To give an employee additional money you have to take money away from another employee. So, the stated % of bonus in your compensation package might not be accurate.