Pros
Individual job security has always been pretty high, you'd have to work pretty hard to get fired here. Even if they shut down your department, you'll have opportunity to stay, and move to a different position.
Cons
We can't trust management to be pro-employee forever. Just last week we were notified (company-wide) that our pension retirement plan is being frozen. Now, that may be a good thing; increasing costs etc. may make this the financially responsible thing to do. But cutting out the pension plan with NO REPLACEMENT is a serious compensation cut. We got an email and just like that, our funding is gone. A lot of other functionality is also a facade. My boss can't set my salary; his boss can't, no, nobody in my branch of the company can set my salary. Apparently, salaries in Oklahoma are set by management in New York. It's all a numbers game to them. The Quality Management program responsible for getting and maintaining our ISO registration is basically a paperwork layer on top of what we really do. We have business processes, but we are not a process-led organization. I don't put all the blame on the people who are trying to establish a quality management system, but there is so much resistance and misunderstanding among departmental managers about what QMS is supposed to entail, that I think there has been very little change in the way we actually DO anything, and very little improvement, as a result of the QMS.