Pros

The hiring in the "good old HP days" was very thorough, and many of these people are still around. Friendly cooperative atmosphere, everybody is trying to do the right thing. Experienced engineers are happy to share their knowledge. Work-life balance is good.

Cons

Pay and benefits used to be great, but they are getting worse every year. Prospects for career advancement are very poor, as the path is blocked by people who have been in their jobs for 20+ years, and are politically well connected. Ranking and pay administration is a joke.

Not hiring enough younger people, and not able to hold onto the ones they do hire. This company may implode in 5-10 years when a lot of the baby boomers finally retire and their knowledge is lost. Too few talented younger people will be left to fill the gaps.

Advice to Senior Management

Over the past 10 years, everything has been going downhill for employees. Pay, benefits, morale, you name it. For heaven's sake, throw us a bone every once in a while. Make something better, no matter how small.
I expect attrition of the top performers to accelerate as the economy improves.