Pros
In this economy, Home Depot appears to be financially sound. I believe Frank Blake and the executive leadership team are committed to the core business and supporting the associates within it. The three core focuses, customer service, in-stock, and store appearance are relevant and simple to follow, and appear to be driving results. Pay with incentives has been very good, while benefits would rate as average (healthcare is more expensive than other employers; 401(K) is better than average - it still exists with matching; time off is worse than average - it's retail). Job security in this market would rate as better than average if you're in core operations.
Cons
While Frank Blake has made some profoundly positive changes, there still appear to be severe disconnects at the field levels. The regional and district leadership teams are still metrics focused and have a check the box compliance attitude. This drives unintended behaviors that compromise integrity and the value system we preach. As other comments have stated, the good ol' boy network is rampant, but in reality, that's a tendency that's existed in every company I've experienced. Unfortunately, if you're not part of the network, you and your team will suffer from a plan/financial perspective, audit perspective, and merit review perspective...There's a quote that the leadership team has used: "Leadership is local." That's very true at THD - there are some very good leaders there, and if you happen to be part of that, be thankful and supportive. However, best-in-class companies don't typically espouse that view. They believe that core values and performance require universal commitment and successfuly drive it as a part of their culture throughout the entire organization. That does not exist at THD. One leadership team can vary significantly from another.