In it's heyday, IBM set the standard for how employers should treat their employees. They were the 'gold standard' to which all others looked as an example. Outsourcing, corporate greed, and a host of other factors have eroded IBM as a place to work to the point where every IBMer I know is disillusioned.
I have seen new hires come in with high ideals only to have their enthusiasm crushed after a few years. It did not used to be that way. Hard working people put in 60 hour weeks with no recognition, and very small raises, if any.