Pros

As mentioned already by many other commentators the only reason left to work for HP is the flexibility like telecommuting, flexible working hours etc. which result in a better work-life balance and more time at disposal of the employees, time that is normally used to look for another job, do another job or used to upskill etc. used anyway to try to minimize the impact that a potential but likely layoff could have on their lives. Also if you work for HP you are certain that you will get the payslip at the end of the month...of course until your replacement in a cheaper location is found and you are then automatically shown the door.
In my experience the lower level management despite having their hands tied is generally helpful and understanding and line managers do their best to help.

Cons

The only strategy that the HP senior management appears to have could be described in one sentence "Cut cost at all costs" The members of the senior management team are giving themselves huge bonuses and rewards while cutting everyone else. These people have no respect or consideration for the generic HP employee or customer, they only have respect and consideration for Wall Street and the large shareholders. No social resposibility at all. If they see a opportunity to save let's say 20.000 Euros a year by offshoring 100 jobs from the western world to a low cost location they would fire 100 persons on the spot and move the jobs, they don't care about the impact in these people's lives. There is a complete disconnect between the senior management team and all the rest. They see you as a cost, a headcount to squeeze as much as possible while at the same time seeking to take away as much as possible from you an look for your repalcement in a low cost nation.

If you are working in a technical role then there is even more disrespect. For some reasons the HP management team sees the employees working in technical roles as pure garbage. You are constantly reminded that your job can easily move to India or China etc. even derided if you complain.

- There is no innovation going on
- The morale is at a all time-low.
- Your pay and benefits constantly and relentlessly eroded, most are below industry average
- Most people are stuck in dead-end jobs entangled in the HP massive bureaucracy and losing
   skills day after day
- No possibility for advancement or promotion. There are various growth and advancement
   programs advertised internally called "People promise" like HP sponsored further education,
   external training etc but they are all programs put there just as an AD.Try to enroll in one of them
   and you will soon find that the team has no budget left for that. Nobody know anyone who was
   successful on having one of these programs entrance accepted, despite many trying.
- No training (the rule is: we have to support a new product, read the manual, do the video training
   then you are considered an expert, of course with no hands on, no help and you are asked
   to give outstanding support on the product, if you fail and the customer complains about bad
   support you could easily be shown the door
- No budget even for stationery, you will find no pens, no blank DVDs, no paper...buy your own
- Of course no pay raises, only pay custs, no bonuses, no share options...hey all that is reserved
   for the big snowflakes on top

If you like all that, HP is your ideal place

Advice to Senior Management

Your goal is to enrich yourselves with massive amount of money by exploiting everyone else.
You are doing a great job at that, and at destroying a once great company.