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I have been working at Hewlett-Packard full-time (More than a year)
Low pressure work environment, good work/life balance. Degree of innovation and challenge highly depend on team and project. Standard working environment of big company. HQ now is overcrowded but it might change later.
Sluggish development process, too much meeting, not always useful. Enforcement of using certain tools not necessary the best in class.
Advice to Management
Reduce management hierarchy. Bring more control to people with real development experience. Amount of innovations is not proportion to number of meeting and posters.