Pros

There are great opportunities for career development. You'll have access to lots of special staff offers, such as the quite generous mobile and BigPond plans. (They're still making a profit out of you though, don't worry about that!) You get to be part of something big and publicly recognised - once you work for Telstra, you'll be amazed how often things you're working on turn up in the media. Because it's a big organisation, you can feel confident that you'll generally see pretty professional treatment on matters of pay, leave, etc. (Obviously when you're a contractor this doesn't really apply.) There's also a real sense of comaraderie between the people from different business units.

Cons

Job security is a bit poor for such a big organisation. Equipment is a old and dilapidated. HR can be a bunch of tricky bastards. Pay can sometimes lag industry rates.

Advice to Senior Management

Concentrate on getting on with the job rather than fighting with everyone! Fix the mess with the billing system and concentrate on better staff development - why not use restructures as an opportunity to give people new skills rather than just sacking them at high cost?