Pros

1) Working at Harvard feels good because of Harvard's history and standing.
2) Pay is very good for the level of effort required for most positions.
3) Hours for most position are good, 9-5, with flex timer, comp time, or overtime if you work outside those hours.
4) Health benefits are good.
5) Harvard has a lot of things to do on and around campus for employees. Gym access, library access, museum access is all for free or at a reduced price.
6) Harvard square is very nice. The area around the university is well-to-do and has shops and
7) Adjacent to Boston and everything a major city should have. Sports, entertainment, et cetera.

Cons

1) It is hard to get a job at Harvard...less than 2% of job applicants are accepted. It is harder to get a job at Harvard than get into the school. This counts for promotions as well. Most moves are lateral promotions or small promotions in different areas. People work for 10 years at the Law School and then get another job at the Education school for slightly more money. There is no direct line of promotion.
2) Cambridge is expensive. Harvard pays a good salary at every job level but it still is not enough to own a house in the area. Cambridge is a great place but most employees have to commute. Renting is easy enough in Cambridge but if you want a bigger place or a to own your own home you will have to commute at least 30 minutes if not closer to an hour. Trains are good though...
3) This barely a con but working at Harvard dominates your life. You will hear the word Harvard a 100 times a day, see crimson Hs all over the place, and might even get Harvard overload. Some people do not like it. But this is not a real problem for most people ...after all...saying you work at Harvard is awesome.
4) Some of the people at Harvard are flaky. The Harvard name attracts all sorts for really cool people to pompous snobs who have nothing to really be pompous or snobby about other than working at Harvard. But the proverbial 9 out of 10 employees (and students) are really nice people. The local Cambridge people are definitely weird crunchy types though...

Advice to Senior Management

Hire less people, give the current people more work, and pay them more.