Over the past several years the company has become less employee friendly. For example, they are cutting back on the amount of vacation days you can roll over, they have reduced the floor that the pension accrues at and there never has been any type of paid paternity leave to name a few.
The compensation is generally reasonable at first but they will usually just give you COLA increases so you can keep up with inflation. Even with a promotion the pay increase you can expect is modest.
Senior management has no regard for work life balance. 80-90 hour weeks for months on end are not unheard of depending on what department you are in.
The company feels that they are they only game in town so if you want to live in the area, where else are you going to go? Historically, this may have been true but younger generations are much more mobile than Gen X and the Baby Boomers and I think this will come back to haunt them in the for of costly turnover.