Cisco Systems – “If you like a 9-5 job & the political game of jockeying for attention, then this might be the place for you.”

Pros

Work hours seem to be 9:00am - 4:45pm (4:15pm on Fridays) so you are able to keep a work-life balance for the most part.
Nice friendly colleagues.
If you keep your head down, don't rock the boat, and don't think outside the box, you'll do fine.

Cons

Rewards & recognition are hard to come by - you have to work the political game well to get management recognition for your work.
Upward mobility is also very hard to achieve with entrenched employees and very little movement, other than horizontal.
You are judged not on how well you do your work, but on who you know and your political clout.
A very passive-aggressive workforce who will smile in your face and agree with you, then undermine you and not help - only unless it serves them in their political gain.
Employee Monsters are easily recognizable, but are allowed to wreak havoc because management avoids all possible conflict (see: passive-aggressive)
Definitely an old-school mentality to go along with it's stereotypical "cubeville" work environment.

Advice to Senior Management

Most of your employees are doing the minimum to get by, and avoid rocking the boat or any possible layoff. Encourage your employees - the risk takers and overachievers especially - so they can advance the company and feel rewarded in exchange. The overabundance of Yes Men/Women and Gladhanders, are usually the biggest backstabbers who are pushing valuable employees away.