Not as it used to be. Prev Director takes good care of the employees. Family days, company-employee events, subsidies (in-office beverages, medical coverage,etc) were good. New Director took most of it away and so far no Annual Day event for 2 years straight now. Probably try to hard impress the board at the expense of the employees.
Very poor bonus-performance system. Seen good employees (company-oriented ones) receive mediocre bonus due to the reporting manager's *ahem* misjudgement (read:dislike).
Seen lots of good employees not being promoted to supervisory/manager level despite he/she is more knowledgeable and better at decision-making than the reporting managers.
Also seen ridiculous employees promoted due to @$$-kissing and if you are from the light-skinned race (not being racist here, mind you).
Highly recommend IBM to remove the tagline "Equal Opportunity Employer" as it is no longer for more than 5 years now.