If you get the wrong manager it can literally kill your career. Many of their supposed policies are really "guidelines" and while HR will make recommendations based on those guidelines, they leave the final decision on any actions to the direct team leader. So if the team lead doesn't mesh with the employee...regardless of how well the employee works...that employee is either dead in the water (you need team lead approval to get off a team) or will eventually be terminated. I watched multiple top performers get transferred to another team lead and suddenly be branded "bad" and either demoted or fired within months.
Also, depending on your department different guidelines are interpreted differently. For example, the attendance guidelines in one department apply an "occurrence" for every day missed even with a doctor note for a serious illness. (5 in six months and you're terminated...bad if you get a week long flu) But in another department a week long absence due to a flu would only get you one occurrence. Of course, no one tells you it's different from department to department until they're taking action (write ups/termination/etc) so if you start off in the 1 occurrence department but transfer to the daily occurrence dept you could come back from your illness to a pink slip. They tell you to stay home if you're sick, but you can lose out on the ability to be promoted (or get bonuses) if you actually do stay home since they won't allow those things when you're on write up, and you're written up after three in 6 months (again...really only an issue if you get a serious illness for more than a couple days). They claim to make work-life balance a priority, but their attendance guidelines (as certain departments and/or team leads apply them) don't mesh with that idea.